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Investors are worried, oil is rising globally
economy Since 2017-03-23 at 16:49 (Baghdad time)
Mawazine News - Follow up
Oil prices rose from their four-month low on Thursday, but the recovery is cautious as investors worry that OPEC-led supply cuts have so far failed to cut record US crude stockpiles.
By 0915 GMT, world benchmark Brent crude was $ 50.84 a barrel, up 20 cents from the previous close and rebounding from $ 49.71 on Wednesday, its lowest price since Nov. 30, when OPEC announced plans to cut output.
But Brent is still below the record high of $ 58 above a record low of January 1 when the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers began to cut supplies by 1.8 million bpd.
Global stocks have continued to rise since then. US Energy Information Administration data showed Wednesday a jump that exceeded expectations of US stockpiles of 5 million barrels last week to 533.1 million barrels.
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economy Since 2017-03-23 at 16:49 (Baghdad time)
Mawazine News - Follow up
Oil prices rose from their four-month low on Thursday, but the recovery is cautious as investors worry that OPEC-led supply cuts have so far failed to cut record US crude stockpiles.
By 0915 GMT, world benchmark Brent crude was $ 50.84 a barrel, up 20 cents from the previous close and rebounding from $ 49.71 on Wednesday, its lowest price since Nov. 30, when OPEC announced plans to cut output.
But Brent is still below the record high of $ 58 above a record low of January 1 when the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers began to cut supplies by 1.8 million bpd.
Global stocks have continued to rise since then. US Energy Information Administration data showed Wednesday a jump that exceeded expectations of US stockpiles of 5 million barrels last week to 533.1 million barrels.
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