Mcx crude tips - Today Oil prices fell as concern over worldwide oversupply intensified after the head of oil producers cartel OPEC indicated there would be no cuts in manufacturing despite a huge widely oversupply. Past Day, Benchmark North Sea Brent crude headed for its fifth consecutive weekly fall after comments in Moscow by secretary-general of the Organization of the Petroleum Exporting Countries.
Badri said increasing demand would prevent a further fall in oil prices and suggested cuts in OPEC outcome would have little impact on the market. Brent was down 70 cents at $52.61 a barrel by 7:17 a.m. EDT (1117 GMT) after settling 7 cents lower in the previous session. U.S. light crude was down 87 cents at $47.65 a barrel.
OPEC members generated around 31.25 million barrels per day (bpd) in 2nd-quarter, about 3 million bpd more than daily requirement, a survey displayed this week. Surplus oil went into stockpiles around the world, filling storage depots from China to Chile, & driving prices down sharply. Both major crude oil benchmarks are down more than 50 percent from one year ago.
Badri said increasing demand would prevent a further fall in oil prices and suggested cuts in OPEC outcome would have little impact on the market. Brent was down 70 cents at $52.61 a barrel by 7:17 a.m. EDT (1117 GMT) after settling 7 cents lower in the previous session. U.S. light crude was down 87 cents at $47.65 a barrel.
OPEC members generated around 31.25 million barrels per day (bpd) in 2nd-quarter, about 3 million bpd more than daily requirement, a survey displayed this week. Surplus oil went into stockpiles around the world, filling storage depots from China to Chile, & driving prices down sharply. Both major crude oil benchmarks are down more than 50 percent from one year ago.
No comments:
Post a Comment