Oil Prices Soar, Lifted By US Output Decline

Oil Prices Soar, Lifted By US Output Decline

Crude oil futures soared for the sixth consecutive session on Thursday’s trade as US oil production underpinned the market which is being squeezed from a global supply glut.

US West Texas Intermediate (WTI) crude rose by7 cents, or 0.2%, to USD 44.81 per barrel by 0003 GMT, while the benchmark futures gained 8 cents, or 0.2%, to USD 47.39 per barrel.

Crude stocks jumped 1,18,000 barrels last week as informed by US Energy Information Administration (EIA), while weekly production dipped 1,00,000 barrels per day (bpd) to 9.3 million bpd. Read More…

 

Credit By : India Infoline

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