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Friday, 5 May 2017

Oil tumbles to its lowest since November

Oil tumbles to its lowest since November:

"Brent crude’s slide below $50 a barrel took it to its lowest level since November as confidence faded in Opec’s ability to overpower a resurgent US shale industry and ease a global oil surplus. The international oil benchmark dropped by a further 2.1 per cent on Friday to $47.41 adding to its 4.8 per cent fall over the previous session. West Texas Intermediate, the US marker, also continued to fall, losing a further 2.4 per cent to $44.45. It also fell 4.8 on Thursday. Both benchmarks have erased all of the gains made since some of the world’s biggest producers agreed to curb supplies in an effort to end the worst oil crash in a generation."

'via Blog this'