Oil prices slip as physical excess overpowers OPEC

Oil prices slip as physical excess overpowers OPEC

Oil slid back towards multi-month lows on Thursday, after a brief recovery early in the session, as traders warily eyed a glut of physical supply that has persisted despite OPEC-led efforts to balance the market.

Brent crude futures were down 15 cents at $44.67 a barrel at 0850 GMT, after spending much of the Asian trading day in positive territory. They fell 2.6 percent in the previous session to their lowest since November.

U.S. crude futures were down 14 cents at $42.39 a barrel, after also spending much of the day trading higher. On Wednesday, they touched their lowest intraday level since August 2016. Read More…

 

Credit By : The Times of India

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