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Saturday, 22 April 2017

Oil dives below $50 as confidence in Opec wavers

Oil dives below $50 as confidence in Opec wavers:

"Oil was set for the biggest weekly drop in a month as market confidence in Opec’s ability to overpower a resurgent US shale industry wavered.

US benchmark West Texas Intermediate fell below $50 a barrel on Friday — down $1.32 to $49.39 — by 6.45pm in London. The global Brent marker dropped $1.24 to $51.75 a barrel.

Both benchmarks fell by more than 7 per cent this week, marking the biggest falls since early March."



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