61663
Oil Set to Become Q1's Worst-Performing Asset
Oil Set to Become Q1's Worst-Performing Asset

Oil Set to Become Q1's Worst-Performing Asset

Oil Set to Become Q1's Worst-Performing Asset

Oil prices fell on Friday after a three-day rally ran out of steam as a higher US rig count signaled rising production from shale, contributing to the global supply glut.
Prices have been locked within a range during the first quarter as traders searched for signals that the Organization of Petroleum Exporting Countries' production cuts are effective or that US production is continuing to offset efforts to rebalance the market.
Brent crude futures have recorded the biggest losses across global asset classes this quarter. In March, the contracts posted the biggest monthly losses since July as growing US crude inventories and drilling activity counterbalanced production cuts elsewhere in the world.
Brent futures settled down 13 cents at $52.83 a barrel. The contracts have lost around 7% since the previous quarter, the largest quarterly losses since late 2015.
US crude futures settled up slightly, rising 25 cents to $50.60 a barrel after slipping below $50. They ended the quarter at about 5.7% lower, also the worst quarterly loss since late 2015.
Oil prices had gained momentum this week on a growing sense that OPEC and nonmember Russia would extend their production cut, seeking to drive the market higher.
"There's resistance at $52 to $53 a barrel," said Tony Headrick, energy market analyst CHS Hedging. Additionally, the WTI-Brent spread, which widened early in the month, narrowed to the tightest since March 3, after exports picked up last week, he said.

 

Short URL : https://goo.gl/cgI9nE
  1. https://goo.gl/kqhN0s
  • https://goo.gl/iDAnbU
  • https://goo.gl/oeyCAo
  • https://goo.gl/vBTObY
  • https://goo.gl/d5GtPJ

You can also read ...

China on Pace for Record Solar Power Installations
China, the world’s biggest carbon emitter, is poised to...
Algiers, Tehran in Talks to Expand Energy Ties
Tehran is ready and willing to play a role in Algiers' joint...
Major repairs at Nouri plant are scheduled to start next month.
Nouri Petrochemical Company, one of Iran's top petrochemical...
IPO to Auction 41 Filling Stations in 14 Provinces
Iran Privatization Organization is scheduled to auction 41...
Zanganeh Says Most OPEC Members Back Extending Output Cuts
Oil Minister Bijan Namdar Zanganeh said on Monday that a...
Heavy oil from Iraq, Canada and Brazil are already replacing Venezuelan barrels.
As Venezuela’s dilapidated energy sector struggles to pump...
India's Import of US Coal  Quadruples
India’s coal imports from North America quadrupled to 2.1...
Crude Prices Lose Steam
Oil eased on Monday, as traders were reluctant to take on big...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus