U.S. oil rises after dropping below $50 for first time since December

Live Quote: On

RSS

My Page | Contact Us

RSS

RSS

Company A-Z | Stock Screener | My Portfolios | Streaming Quotes | Technical Analysis

Investing Tools

Useful Links

Saturday, June 15, 2024 10:35:16 PM - Markets open

VN-INDEX

1,279.91

-21.60/-1.66%

HNX-INDEX

243.97

-4.39/-1.77%

UPCOM-INDEX

98.05

-0.96/-0.97%

U.S. oil rises after dropping below $50 for first time since December

Reuters - 3/10/2017 9:10:12 AM

(0 ratings. You must sign in to rate.)

Print |

Add To Favorites |

Email |

RSS

U.S. crude prices edged up on Friday after dropping below $50 per barrel for the first time since December in the previous session, pressured by concerns that a global supply glut is proving stubbornly persistent.

U.S. West Texas Intermediate crude (WTI) was up 23 cents at $49.51 a barrel at 0027 GMT (7.27 p.m. ET).

Brent crude was yet to trade. On Thursday, it settled down 92 cents, or 1.7 percent, at $52.19 a barrel, after slumping 5 percent the day before in its biggest percentage decline in a year.

The U.S. contract fell below $50 on Thursday for the first since mid-December, when OPEC producers and a group of other countries including Russia agreed on a cut in output to end two years of declining prices.

But market confidence has taken a hit after a period of higher prices enticed more U.S. shale oil companies to drill more wells and as stockpiles have remained high.

Data showed crude stocks in the United States, the world's top oil consumer, swelled by 8.2 million barrels last week to a record 528.4 million barrels.

U.S. drilling has also picked up, with producers planning to expand crude production in North Dakota, Oklahoma and other shale regions, while the Permian, America's largest oilfield, has seen output jump.

Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters on Thursday.

Energy ministers and senior oil executives are meeting this week at CERAWeek in Houston, the biggest U.S. gathering of the oil industry.

Newer News
25/05	Gov't defines electronic money, Bitcoin not included
09/12	Measures needed to help SMEs tap ASEAN market: seminar
24/08	Upstream oil businesses profit from higher rents and limited supplies
06/03	Taxing second homes must be studied carefully: experts
21/09	Central banks set to hit peak rates at faster pace
23/03	Policymakers fear high inflation and unemployment
17/03	Current global inflation a worrisome situation
26/01	ASEAN+3 economic prospects positive in 2022
30/12	Cryptocurrency continues to be attractive investment channel next year
13/08	Biden, Harris vow to 'rebuild' America post-Trump

Older News
10/03	Wall Street ends up slightly; energy shares rebound
09/03	Dollar firm in Asia, resource shares on the run
09/03	Dollar stands tall on strong U.S. ADP job data, higher Treasury yields
09/03	OPEC cut 40 percent more in February than pledged in oil deal: Kuwait
09/03	Dow, S&P 500 dip as energy shares tumble
08/03	Dollar advance bogs down, U.S. jobs report comes into view
08/03	Asian shares slip after strong start to week on U.S. cues
08/03	Pharma, bank stocks pull Wall Street lower
07/03	Asian stocks flat, euro slides on French election concerns
07/03	Wall Street slips on wiretap accusation, geopolitical worries

Newsletter Signup

Top Stories

	Surge in newly opened securities accounts recorded in May
	VN adds over 110,000 new securities accounts in April, bringing total to 7.7 million
	Cautious rise amid low supply and cash flow, investors advised to monitor resistance area
	Interest rates to rise but not have major impact on stock market: economist
	Businesses concerned about rising exchange rate pressure