Oil prices were largely steady on Friday, finishing the week with modest gains, but speculators sharply cut long positions during last week’s rout, on concerns that an OPEC production cut was failing to reduce a global supply overhang.
Crude traded in a narrow band this week, with Brent and West Texas Intermediate bouncing in a $2.50 range as investors weighed the impact of the first oil cut from the Organization of the Petroleum Exporting Countries in eight years against rising U.S. shale oil output and high inventories.
Brent crude settled up 2 cents to $51.76 a barrel while U.S. light crude ended up 3 cents to $48.78 a barrel. Both benchmarks gained 0.8 percent for the week. Read More…
Credit By : Energy.economictimes.indiatimes.com
Latest posts by energy.economictimes.indiatimes.com (see all)
- India Faces Painful Move To Cleaner Energy – December 11, 2017
- Indian Oil Refiners Issue Tanker Tenders Aimed at Boosting Domestic Shipping – December 4, 2017
- ONGCIs Pumping In Rs 3104 Crore For Drilling Of Wells And Creation Of Surface Facilities In Tripura – July 27, 2017