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Oil falls to lowest level in three months
14/03/2017 10:08 | Number of Views: 45 font size: Decrease font Enlarge font
Oil falls to lowest level in three months
Direction Press / Agencies
Oil prices dropped to its lowest level in three months, despite OPEC efforts to reduce oil production as a result of the continuing efforts of the increase in the number of drilling rigs in the United States.
Hostel International benchmark Brent crude 39 cents , or about 0.8 per cent to $ 50.98 a barrel, the lowest level since November 30.
The crude had closed the previous session down 1.6 percent at $ 51.37 a barrel.
The decline in US crude West Texas Intermediate 45 cents including Iozay 0.9 percent to $ 48.04 a barrel, the lowest level since November 30.
Brent and heading down for the fifth straight day , the longest losing streak of its kind since the fourth of November, which lasted for six days. Crude lost during this wave 8.8 per cent of its value , its worst performance since mid - June 2016
and is heading WTI to incur losses for the sixth straight day, losing 9.8 per cent.
The falling prices with increased drilling rigs drilling for oil in the United States and the growth of crude inventories in the United States , the largest consumer in the world for a record.
EST
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