Oil Prices Dip

Oil Prices Dip

Global oil prices slipped on Tuesday as crude output rose in most major export regions despite plans by OPEC and Russia to cut production, triggering fears the fuel glut that has dogged markets for over two years might last well into 2017.
International Brent crude oil futures traded at $54.83 per barrel, down 11 cents from Monday’s close. US West Texas Intermediate crude was at $51.50 a barrel, down 29 cents, Reuters reported. Traders and analysts said the boon from last week’s OPEC decision, which helped boost prices by about 15%, has faded and the organization’s promise had been undermined by data showing rising production from its members and Russia.
“Most of the position adjustments that the OPEC decision forced upon traders have now run their course and it leaves the market exposed to profit taking,” said Ole Hansen, head of commodities strategy at Saxo Bank.
“The meeting on Saturday between OPEC and non-OPEC producers will be crucial in order to maintain the bullish sentiment seen since last Wednesday,” Hansen said.
Market watchers had said OPEC’s decision to cut output marked an about-turn for Saudi Arabia, which has been battling to keep its market share for the past two years by selling more, if cheaper, barrels rather than bolstering prices.
But in a sign the fight for market share is not over, Saudi Aramco cut the January price for its Arab Light grade for Asian customers by $1.20 a barrel from December.

Short URL : https://goo.gl/08M7Sf
  1. https://goo.gl/7OEDUF
  • https://goo.gl/Gl0tRI
  • https://goo.gl/Vz35o0
  • https://goo.gl/dA0uKW
  • https://goo.gl/WgCd9t

You can also read ...

The OGCI initiative is now made up of BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total.
ExxonMobil, Chevron and Occidental Petroleum are joining the...
New Delhi Will Pay for Iranian Oil in Rupees
India may revert to paying Iran in rupees for the oil it buys...
Zanganeh to Veto OPEC Decisions Against Iran
Oil Minister Bijan Namdar Zanganeh on Thursday said he would...
Iraq Crude Exports From South Nearing Record High
Crude oil exports from southern Iraq are close to a record...
US Wants Lower Oil Prices  for Protecting Arab States
US President Donald Trump on Thursday demanded OPEC lower...
MAPNA to  Build Petrochem,  Power Plant in Parsian SEZ
Iran's top engineering and energy enterprise MAPNA Group is...
US Oil Sanctions to Harm Int'l Economy
Imposing sanctions against oil producing states like Iran will...

Add new comment

Read our comment policy before posting your viewpoints