Oil prices dipped on Wednesday, with Brent crude futures around $50 per barrel, as global fuel markets remained oversupplied, although rising tension in the Middle East and falling U.S. inventories lent some support.
Brent crude futures were trading at $50.05 per barrel at 0242 GMT, down 7 cents from their last close. Brent is almost 8 percent below its open on May 25, when OPEC said they, along with producers outside of the group such as Russia, would extend their oil output cuts through to the first quarter of 2018.
U.S. West Texas Intermediate (WTI) crude futures were at $48.13 per barrel, down 6 cents from the previous close, and 6 percent below its open on May 25.
Get Free Stock Market Tips and more click here to SUBSCRIBE OFFERS << https://www.facebook.com/ripplesadvisorypvtltd >>
No comments:
Post a Comment