87502
US Crude Oil Little Changed After Losses
US Crude Oil Little Changed After Losses

US Crude Oil Little Changed After Losses

US Crude Oil Little Changed After Losses

US crude oil steadied on Friday after deep losses in the previous session on pressure from all-time high US production and expectations of higher OPEC output.
West Texas Intermediate crude rose 2 cents to $67.06 a barrel, after dropping almost 2% on Thursday. Brent crude, which was little changed in the previous session, added 17 cents, or 0.2%, to $77.73 per barrel, CNBC reported.
US crude production has been rising to record high levels since late last year. In March, it jumped 215,000 bpd to reach 10.47 million bpd, a new monthly record, the Energy Information Administration said on Thursday.
Still, US crude stockpiles fell 3.6 million barrels last week, the EIA said, exceeding expectations for a decline of 525,000 barrels.
"A drop in inventories in the US was overshadowed by US output that jumped to a record high level," ANZ said in a note.
"With the markets still concerned about supply-side issues in OPEC, this has pushed the Brent-WTI spread out to nearly $11/bbl, the highest level for three years."
Brent hit a three-week low below $75 a barrel on Monday after OPEC and its allies, including Russia, indicated they could adjust their deal to curb supplies and increase production, but recovered later in the week.

Short URL : https://goo.gl/Gp9T2M
  1. https://goo.gl/8zdzPk
  • https://goo.gl/4154jb
  • https://goo.gl/FTLDEK
  • https://goo.gl/o1D8YW
  • https://goo.gl/uMn8WZ

You can also read ...

Sweden Approves Nord Stream 2 Pipeline
While Denmark is yet to give permission for the Nord Stream 2...
Chinese Tariffs Will Crimp American Shale Production
China’s proposed tariffs on US petroleum imports, part of a...
India Sees $55-60 Oil Price Reasonable
India, the world’s third-largest oil consumer, expects a...
NIOC Plans to Increase Oilfield Capacity
National Iranian Oil Company plans to increase the production...
OPEC reached an agreement with Russia in 2016 to keep 1.8 million bpd off the market.
Oil Minister Bijan Namdar Zanganeh rejected leaving the 2016...
Sixfold Rise in Zanjan Petrochem Plant Capital
Zanjan Petrochemical Complex’s registered capital has...
Renewable Power Plants' Dues Settled in Full
The state-run Renewable Energy Organization of Iran, aka SUNA...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus