Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Oil futures regain some ground but remain under $50

Published 07/24/2015, 06:40 AM
Updated 07/24/2015, 06:40 AM
© Reuters.  Oil futures ease off 7-month lows but remain under pressure

© Reuters. Oil futures ease off 7-month lows but remain under pressure

Investing.com - Crude oil futures rose on Friday, easing off the previous session's seven-month low but still remained under the $50 mark as concerns over a global supply glut continued to weigh heavily on the commodity.

On the New York Mercantile Exchange, crude oil for September delivery hit $50.88 during European early afternoon hours, down 3 cents, or 0.07%. A day earlier, Nymex oil prices lost 74 cents, or 1.50%, to end at $48.45.

Oil weakened further after the U.S. Energy Information Administration reported on Wednesday that crude oil inventories unexpectedly rose by 2.5 million barrels last week to 463.9 million. Market analysts had expected a crude-stock fall of 2.3 million.

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 813,000 barrels last week, above forecasts for an increase of 300,000.

New York-traded oil futures have been under heavy pressure in recent weeks as worries over high domestic U.S. oil production weighed.

According to industry research group Baker Hughes (NYSE:NYSE:BHI), the number of rigs drilling for oil in the U.S. declined by seven last week to 638, snapping two weeks of gains.

However, U.S. oil production has held around 9.6 million barrels a day, the highest level since the early 1970s.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery slid by 22 cents, or 0.38%, to trade at $55.05 a barrel. On Thursday, London-traded Brent futures dropped by 86 cents, or 1.53%, to settle at $55.27.

The spread between the Brent and the WTI crude contracts stood at $4.17 a barrel.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.