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Oil falls to $ 42 a barrel
09:28 - 22/06/2017
Oil prices fell more than 2 percent after recording its lowest level in 10 months in choppy trade with the growing concern of the continued abundance of world supplies by growing US crude production and lower refining activity in China.
Ended the American measuring WTI contracts Intermediate low trading session 98 cents, or about 2.3 per cent to settle at US $ 42.53 a barrel after touching its lowest level since August 2016 at $ 42.13, and since it reached its peak in late February US crude fell more than 20 percent.
It was trading more than one million US crude contracts for the nearest maturity in Wednesday's session, which exceeds the large daily average of 560 thousand contract margin.
And it decreased global Brent crude contracts for Brent $ 1.20 or 2.61 percent to reach at 44.82 dollars a barrel settlement.
The US Energy Information Administration today that crude stocks in the United States fell 2.7 million barrels last week, beating expectations for a decline to $ 2.1 million barrels.
These data gave support prices for a brief period, but the market quickly gave up their gains and headed for landing.
It also showed the Energy Information Administration report that oil production in the United States rose to 9.35 million barrels per day, approaching the levels of Saudi Arabia and Russia, the largest producers in the world.
Oil fell 20 percent in the first half of 2017, a period in which prices tend to rise. This is the biggest loss for Brent first half of the year since 1997. Over that period climbed Brent contracts in the first half of all years, except for six years. Finished / 25
http://www.almaalomah.com/2017/06/22/169168/
09:28 - 22/06/2017
Oil prices fell more than 2 percent after recording its lowest level in 10 months in choppy trade with the growing concern of the continued abundance of world supplies by growing US crude production and lower refining activity in China.
Ended the American measuring WTI contracts Intermediate low trading session 98 cents, or about 2.3 per cent to settle at US $ 42.53 a barrel after touching its lowest level since August 2016 at $ 42.13, and since it reached its peak in late February US crude fell more than 20 percent.
It was trading more than one million US crude contracts for the nearest maturity in Wednesday's session, which exceeds the large daily average of 560 thousand contract margin.
And it decreased global Brent crude contracts for Brent $ 1.20 or 2.61 percent to reach at 44.82 dollars a barrel settlement.
The US Energy Information Administration today that crude stocks in the United States fell 2.7 million barrels last week, beating expectations for a decline to $ 2.1 million barrels.
These data gave support prices for a brief period, but the market quickly gave up their gains and headed for landing.
It also showed the Energy Information Administration report that oil production in the United States rose to 9.35 million barrels per day, approaching the levels of Saudi Arabia and Russia, the largest producers in the world.
Oil fell 20 percent in the first half of 2017, a period in which prices tend to rise. This is the biggest loss for Brent first half of the year since 1997. Over that period climbed Brent contracts in the first half of all years, except for six years. Finished / 25
http://www.almaalomah.com/2017/06/22/169168/
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