Connect with us

Hi, what are you looking for?

Bnreport Business News Report


Oil prices sink back below $57 a barrel

Oil prices dropped below key levels today as tensions in the..

Oil prices dropped below key levels today as tensions in the..

Oil prices dropped below key levels today as tensions in the Middle East eased and investors looked to take profits.

Brent crude oil futures dropped 0.8 per cent to $56.77 a barrel while US benchmark West Texas Intermediate (WTI) prices fell 0.99 per cent to $50.78 a barrel.

Malcolm Graham-Wood, analyst at Hydrocarbon Capital, said the market had run out of steam.

"There was no shortage of good news but a combination of profit taking and a lessening of geopolitical risk in Kurdistan as I reported yesterday, took the heat out of the market."

Iraqi forces regained control of two major oilfields around Kirkuk from Kurdish troops this week, and they are set to come back on stream on Sunday, Retuers reported, citing Baghdad's oil ministry.

Read more: Oil prices climb on conflict in Iraq

"That was added to by Shell lifting the force majeure on Bonny Light crude exports after pipeline repairs were completed," Graham-Wood said.

In recent weeks, the Organisation of the Petroleum Exporting Countries (Opec) and others have said the long-oversupplied market is showing clear signs of rebalancing.

Opec and key non-members of the cartel have agreed to slash production by 1.8m barrels per day through March 2018 to reduce supplies.

Let's block ads! (Why?)

Original Article

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae.


Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.


Enlarge/ You wouldn't really want to use Nvidia's ..


Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

%d bloggers like this: