Oil slid more than 4 percent on Thursday, to its lowest since late November as investor worries about a growing global glut of crude erased most of the gains that followed last year’s OPEC’s output cut. The slide worsened after OPEC delegates said their group and other producing countries were downplayed the chance of a bigger output when the producers meet on May 25, even though they said the output cuts were likely to be extended.
US crude fell $2.05 or 4.3 percent to $45.77, by 12:08 p.m. (1608 GMT) Brent was down $2.07, or 4.1 percent to $48.71. “The market continues to hunt for a bottom,” said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut. “We’ve dropped to a five month low.” Read more
Latest posts by Financial Express (see all)
- Linking Part Of Infra Spend To Quick Clearance A Good Idea – October 20, 2017
- Have Probed 33 Coal Cases For 2006-2009 Allocation: CBI To Supreme Court – October 17, 2017
- Railways Announce Faster, Cheaper Delhi To Mumbai Rajdhani Express For Diwali – October 14, 2017