Oil prices have ended lower on rising concerns over the extent of the OPEC deal (Organization of the Petroleum Exporting Countries) member countries implementing the output-cut deal.
OPEC reached an agreement in November to cut oil production to curb a global supply glut that has depressed prices for more than two years, Xinhua news agency reported on Saturday.Although some countries have promised to implement the deal, there still lacks hard evidence Of production reductions.
Investors also worried that the rising US oil supply might offset any reductions, which weighed on on the oil prices on Friday.
Investors also worried that the rising US oil supply might offset any reductions, which weighed on the oil prices on Friday.The Energy Information Administration (EIA) said in its weekly report on Wednesday that the US crude oil inventories rose 4.1 million barrels last week to 483.1 million, up 7.1 per cent from 2016 at this time.Read More…
Latest posts by India Live Today (see all)
- ‘Government looking at creating 2-3 integrated oil, gas units’ – March 1, 2017
- Cooperation between agencies key to ensuring passenger safety: Suresh Prabhu – February 28, 2017
- Oil prices drop on OPEC deal concern – January 14, 2017