Google+ Followers

Thursday, 22 June 2017

Oil Lingers Below $43 After Entering Bear Market on Glut Worries - Bloomberg

Oil Lingers Below $43 After Entering Bear Market on Glut Worries - Bloomberg:

"Oil closed below $43 a barrel for a second day as brimming supplies work against OPEC-led efforts to reduce a glut.

Futures edged up 0.5 percent in New York after losing nearly 5 percent since the start of the week. A report Wednesday from the Energy Information Administration showed U.S. oil production increased to the highest since August 2015. A committee of OPEC and non-OPEC members meeting in Vienna this week is said to have wrestled with the issues of increasing production in Libya and Nigeria, coupled with soaring U.S. output."



'via Blog this'