Oil Subdued On High OPEC Supplies, Rising US Production

Oil Subdued On High OPEC Supplies, Rising US Production

Oil markets opened weak on Friday, with US crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club Opec.

US West Texas Intermediate (WTI) crude futures were at $49.03 per barrel at 0136 GMT, flat from their last close but around 80 cents below their opening value this week.

Brent crude futures, the international benchmark for oil prices, were at $51.99 a barrel, down 2 cents from their last close and around 60 cents below the start of the week.

Traders said that prices were being held in check around current levels – rising output prevented increases, while strong demand prevented drops. Read More…

 

Credit By: ET Energy World

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