Oil prices hold seven-month lows

Dhaka,  Fri,  28 July 2017
Published : 20 Jun 2017, 11:07:18 | Updated : 20 Jun 2017, 11:39:25
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Oil prices hold seven-month lows

Oil prices hold seven-month lows
Oil prices held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices.

Brent futures were up 4 cents at $46.95 at 0214 GMT. On Monday, they fell 46 cents, or 1.0 per cent, to settle at $46.91 a barrel.

That was their lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut output for six months from January.

US West Texas Intermediate crude futures were down 1 cent at $44.19 a barrel. They declined 54 cents, or 1.2 per cent in the previous session, to settle at $44.20 per barrel, the lowest close since Nov. 14. The July contract will expire on Tuesday and August will become the front-month.

Both benchmarks are down around 15 per cent since late May, when OPEC, Russia and other producers extended by nine months the cut in output by 1.8 million barrels per day (bpd).

Analysts said rising US crude production has fed the global glut. Data on Friday showed a record 22nd consecutive week of increases in US oil rig numbers, according to Reuters.
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