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Monday, 7 August 2017

Oil Trades Near $49 as Prices Still Capped by Sufficient Supply - Bloomberg

Oil Trades Near $49 as Prices Still Capped by Sufficient Supply - Bloomberg:

"Oil traded near $49 a barrel in New York amid speculation that plentiful supplies will continue to thwart any further rallies.

Futures fell 1.3 percent. While growth in U.S. drilling has stalled and Libya’s production revival was dealt a setback by protests, rebounding output is still capping prices, according to Saxo Bank A/S. A committee co-chaired by Kuwait and Russia will examine why some participants in the deal between OPEC and other producers to reduce global supply aren’t fully implementing their cuts.

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