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Saturday, 23 July 2016

Oil mood falters as market mood takes a gloomy turn | The National

Oil mood falters as market mood takes a gloomy turn | The National:

"Oil prices look vulnerable again on mounting evidence that improvements in the world oil market have stalled, at least temporarily.

World benchmark North Sea Brent crude futures on Friday dropped to their lowest level since May, with a decline of 51 US cents to $45.69 a barrel, bringing the total decline from this year’s early-June high to more than 13 per cent.

There had been a sustained recovery from early January through early June as high-cost supplies from places such as North America and the North Sea had gone into decline, which ate into the huge stockpiles that had built up during a long period of overproduction."



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