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”