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Monday, 16 January 2017

Oil Trades Near $52 as Saudis See No Need to Extend Supply Cuts - Bloomberg

Oil Trades Near $52 as Saudis See No Need to Extend Supply Cuts - Bloomberg:

"Oil traded near $52 a barrel as Saudi Arabia’s energy minister said it was unlikely OPEC would extend its supply cuts beyond June and the U.S. drilling expansion paused.

Futures were little changed in New York after losing 3 percent last week. Rigs targeting crude in the U.S. fell for the first time in 11 weeks, according to data from Baker Hughes Inc. OPEC probably won’t need to prolong output cuts beyond the agreed six-month term given the level of compliance with the reductions and the outlook for an increase in global consumption, Saudi Minister of Energy and Industry Khalid Al-Falih said."



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