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

Crude oil slips as OPEC takes "safe bet" nine-month extension

Published 05/25/2017, 07:47 AM
© Reuters.  Crude oil slips as OPEC takes "safe bet" nine-month extension
  • Crude oil prices fall as OPEC agrees to extend production cuts by nine months to March 2018, going for "the safe bet" rather than a six-month or 12-month extension.
  • U.S. crude -1.4% at $50.60; Brent -1.2% at $53.28/bbl.
  • "It would appear a nine-month extension with the potential for deeper cuts was almost fully priced in so when the statements were made, there was nowhere left for prices to go but lower,” said Craig Erlam, senior market analyst at Oanda.
  • Wood Mackenzie consultants say the nine-month deal leaves its 2017 price forecast of $55/bbl unchanged.
  • The members of the meeting are still expected to hold a joint press conference scheduled for 5:00 pm Vienna time today (11:00 am ET).
  • ETFs: USO, OIL, XLE, UCO, VDE, ERX, OIH, SCO, BNO, DBO, ERY, DIG, DTO, USL, DUG, BGR, IYE, FENY, DNO, FIF, OLO, PXJ, RYE, SZO, DDG, FXN, OLEM, CRAK
  • Now read: Energy Investors Aren't Buying The Latest Oil Rally


Original article

Latest comments

A safe bet would be to flood the market again, bankrupt the US shale producers, and stifle supply 3 months before Aramco goes public. THIS is either stupidity or untecognized professionalism from OPEC. The market should thank them
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.