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Thursday, 4 May 2017

Crude Erases OPEC Rally as Cuts Seen Ineffective at Easing Glut - Bloomberg

Crude Erases OPEC Rally as Cuts Seen Ineffective at Easing Glut - Bloomberg:

"Oil dropped to the lowest since late November on growing signs that OPEC’s production cuts are failing to clear a surplus of crude.

Futures fell more than 2 percent on both sides of the Atlantic. U.S. crude output rose to 9.29 million barrels a day, the highest level since August 2015, according to the Energy Information Administration.  OPEC is likely to extend the 1.2 million barrel-a-day cut agreed to in November for six months, according to Nigerian Oil Minister Emmanuel Ibe Kachikwu. Energy and metal futures declined Thursday on concerns over demand in China."



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