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Oil supply plunges amid losses in US stocks

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rocky
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Oil supply plunges amid losses in US stocks

Post by rocky on Fri 11 Aug 2017, 3:22 am

Oil supply plunges amid losses in US stocks


10:42 - 11/08/2017


Oil prices fell more than 1.5 percent on Friday, as concerns about the global crude supply slump continued and US stocks lost concerns about slowing demand.

The settlement price for US crude was set at 97 cents, or 1.96 percent, at $ 48.59 a barrel. Brent crude futures were down 80 cents, or 1.52 percent, at $ 51.90.

US stocks fell sharply on Thursday, with Dow and Nasdaq down hundreds in the quarter as investors feared rising tensions between the United States and North Korea.

Phil Flynn, an analyst at PricewaterhouseCoopers Group in Chicago, said the US stock market slump led to a weak performance in the oil market.

"This has raised concerns about demand. The picture of demand is bleak as stocks fall. Gold remained high, confirming my skepticism that it is a fear-driven trading. "

On the supply side, a representative of Russian oil company Gazprom said the company sees "economic feasibility" of resuming production in old fields after the expiry of the global agreement between OPEC and non-member countries.

The Organization of the Petroleum Exporting Countries raised its forecast for oil demand in 2018 and lowered its forecast for the production of competitors

http://www.almaalomah.com/2017/08/11/183559/

    Current date/time is Tue 23 Jan 2018, 3:37 pm