Oil price dips on high OPEC supplies

Dhaka,  Sun,  20 August 2017
Published : 03 Aug 2017, 11:15:16
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Oil price dips on high OPEC supplies

Oil price dips on high OPEC supplies
Oil dipped on Thursday as a rally that has pushed up prices by almost 10 per cent since early last week lost momentum despite renewed signs of a gradually tightening US market.

Strong demand in the United States provided prices with support, traders said, but ongoing high supplies from OPEC producers were restricting further gains.

Brent crude futures, the international benchmark for oil prices, were trading down 17 cents, or 0.3 per cent, at $52.19 per barrel at 0147 GMT.

US West Texas Intermediate (WTI) crude futures were at $49.44 per barrel, down 15 cents, or 0.3 per cent, from their last settlement.

US crude prices held below $50 per barrel despite record gasoline demand of 9.84 million barrels per day (bpd) last week.

The high OPEC supplies come despite a pledge by the group, supported by other producers including Russia, to restrict output by 1.8 million bpd between January this year and March 2018 in order to tighten the market, according to Reuters.
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