Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Oil slumps as supply concerns weigh

Published 07/07/2017, 06:06 AM

Investing.com - Oil turned sharply lower Friday as concerns of a supply glut weighed in the wake of higher U.S. output.
U.S. crude was off $1.14, or 2.50%, at $44.38 at 05:30 ET. Brent shed $1.12, or 2.33%, to $46.99.
Oil settled higher overnight in the wake of an upbeat EIA inventories report.
The EIA reported a bigger-than-expected fall in U.S. crude stocks in the latest week of 6.3 million barrels.
Gasoline inventories also fell more than expected.
However, higher U.S. output has undermined the impact on inventories of output cuts by major producers.
OPEC and non-OPEC producers have agreed to curb output by 1.8 million barrels a day through to March.
OPEC exports have reportedly increased despite the output cut accord.
Baker Hughes U.S. rig count data are due out later in the session.

Latest comments

Every time oil prices drop same news comes up, i think there is no such issue of supply and inventories report shows that. it all about market sentiment and its wiped out quickly. As a long term trader it is a best opportunity to buy crude at very cheap price
You are true.
The article is a copy paste job.
Install Our App
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.