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Oil falls with the continued global supply glut

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rocky
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Oil falls with the continued global supply glut

Post by rocky on Thu 18 May 2017, 3:55 am

Oil falls with the continued global supply glut


Oil prices fell on Thursday affected despite the continuing oversupply of efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to balance the market by reducing production.
By 0644 GMT, Brent crude was down 11 cents, equivalent to 0.2 percent to $ 52.10 a barrel.
The West Texas crude fell US median nine cents, or 0.2 percent, to $ 48.99 a barrel.
It lost oil gains in the previous session when prices rose amid falling US crude stocks and a slight decline in the production of the United States.
The US Energy Information Administration on Wednesday that crude inventories fell 1.8 million barrels in the week ending on May 12 to 520.8 million barrels.
However, the decline was less than expected many of the dealers said that there are still amounts of oil stocks outweigh the market's ability to absorb.
Remain plentiful supplies where shipped huge quantities of crude oil from the United States and other producers to the large consumption areas in North Asia, undermining OPEC's efforts to achieve a balance between supply and demand.
And pledged to OPEC and other independent producers such as Russia to cut production 1.8 million barrels per day in the first half of 2017, a deal likely to be until the end of March, decided to extend 2018. "Reuters"

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