Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS:-Oil prices sink to 3-month lows amid glut concerns

Tuesday, November 15, 2016 1:18
% of readers think this story is Fact. Add your two cents.

MTECHTIPS:-Oil prices sink to 3-month lows amid glut concerns



MTECHTIPS-Oil prices sank to a three-month low on Monday, extending two straight sessions of losses amid growing concerns over a global supply glut. Crude oil for December delivery on the New York Mercantile Exchange dropped 61 cents, or 1.41%, to $42.80 a barrel by 7:10 AM ET (12:10 GMT), after falling to a session low of $42.68 earlier, a level not seen since August 11. Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London shed 45 cents, or 1.01%, to $44.30 a barrel after falling as low as $44.14 earlier, the weakest since August 11. Concerns over a global supply glut intensified after OPEC said that its oil production rose by 240,000 barrels per day (bpd) to an all-time high of 33.64 million in October, with Nigeria, Libya and Iraq blamed for the increase. The figures added to skepticism over the implementation of a planned deal by OPEC to limit production. The oil group reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held in Algeria in late September. However, OPEC said it won’t finalize details on individual output quotas until its next official meeting in Vienna on November 30. The possibility that producers could walk away empty-handed from the November meeting looms large after Iraq, Iran, Nigeria and Libya all signaled they might not take part in the proposed production cut deal. Russia’s unclear stance is also fueling uncertainty.





We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.