Oil Dips On High OPEC Supplies, Defying Falling U.S. Crude Stocks

Oil Dips On High OPEC Supplies, Defying Falling U.S. Crude Stocks

Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. market.

Strong demand in the United States provided prices with support, traders said, but ongoing high supplies from OPEC producers were restricting further gains.

Brent crude futures, the international benchmark for oil prices, were trading down 17 cents, or 0.3 percent, at $52.19 per barrel at 0147 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $49.44 per barrel, down 15 cents, or 0.3 percent, from their last settlement. Read More…

 

Credit By: ET Energy World

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