Due to pressure from high global inventories and doubts about OPEC’s ability to implement agreed production cuts, oil prices dropped to six-week lows on Thursday.
Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows.
It, however, recovered a little to trade around $46.90, according to Reuters.
United States’ light crude was down 25 cents at $44.48, also not far off six-month lows, the news agency added.
Continue reading “Oil prices tumble amid uncertainty over implementation of OPEC deal”
Oil prices tumbled on Friday amid worries that United States’ President Donald Trump’s decision to abandon a climate pact could spark more crude drilling in the United States, US.
Analyst said the U.S’ decision may worsen global glut.
Brent crude tumbled below $50 Friday afternoon, heading for a second straight week of losses, while Benchmark Brent crude futures were off by 1.8 per cent at $49.73 per barrel, down 90 cents from the previous close.
On its part, the U.S. West Texas Intermediate crude futures fell 84 cents to $47.54 per barrel, figures from Reuters show.
Continue reading “Oil prices tumble amid U.S. Climate pact withdrawal”
Oil steadied on Wednesday as Russia joined OPEC in cutting production to balance the market, although large supply in places such as the United States dragged on prices.
The Organisation of the Petroleum Exporting Countries, OPEC, is an intergovernmental organisation of oil-exporting developing nations that aims to ensure stable oil prices within global oil markets.
Brent crude futures LCOC1, the international benchmark for oil prices, were trading at $55.63 per barrel at 0749 GMT (02:49 a.m. ET), up 5 cents from their last close.
Continue reading “Oil prices stabilise as Russia joins OPEC in production cut”