Online:
Visits:
Stories:

By MTECHTIPS
Contributor profile | More stories

Story Views
Now:
Last Hour:
Last 24 Hours:
Total:

MTECHTIPS:-Crude futures slide for 6th straight session to settle lower

Tuesday, March 14, 2017 5:36

% of readers think this story is Fact. Add your two cents.

(Before It's News)

MTECHTIPS:-Crude futures slide for 6th straight session to settle lower

MTECHTIPS- Crude prices settled lower on Monday, after rising U.S. crude inventories continued to weighed on oil prices, as investors feared the supply glut in U.S. inventories could hamper OPEC’s efforts to re balance supply and demand. On the New York Mercantile Exchange crude futures for May delivery lost 9 cents to settle at $48.40 a barrel, while on London’s Intercontinental Exchange, Brent lost a cent to $51.36 a barrel. The acceleration in U.S. crude production weighed on oil prices in early-morning trade, as crude prices lingered well below $50, after recovering from an intraday low of $47.90 while Brent slid to $50.85, its lowest level since Nov 30. A surprise build in U.S. inventories combined with comments from Saudi Arabia’s oil Minister that OPEC may not extend its current production deal, sent crude prices down 8% since last Monday, despite two months of reduced production from the Organization of the Petroleum Exporting Countries. OPEC began implementing cuts of 1.16 million barrels per day at the start of this year for a period of six months, after its members and other exporters agreed to cut output by about 1.8 million barrels per day (bpd) in November. Friday’s Baker Hughes report on U.S. drilling activity added to oversupply concerns as the Oilfield services firm, reported its weekly U.S. rig count rose by 8 to 617, the eight straight weekly increase. Meanwhile, market participants look ahead to crude oil inventories expected on Wednesday at 10:30 EDT.

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119

Report abuse

Related Stories

Comments

Featured

Ronan Manly, John Embry, James Turk: Discuss The Feds Missing Gold

Interception! North Korea Caught Shipping Chemical Weapons to Syria. Again. (Videos)

Here it Is: Bannon Just Revealed One Thing Republicans Need to Do for Trump to Win Big (Video)

Taliban Warns Trump That Afghanistan Will Become 'Graveyard'

You'll Be Sick After Hearing What Antifa Has Planned for November 4th!! a Petition Was Birthed to Stop Them! Sign Now!

"A Darkness Is Spreading Across the US”

Trump’s Secret Service Just Made Terrifying Announcement About What’s Just Been Uncovered

After Entire WH Committee Resigns, Shocking Hidden Message Discovered in Letter to Trump

Antifa Just Did Something So Horrifying In Houston That Bin Laden Would Be Proud (Video)

Live: President Trump Addresses the Nation 8/21/17

Top Global

Ronan Manly, John Embry, James Turk: Discuss The Feds Missing Gold

Interception! North Korea Caught Shipping Chemical Weapons to Syria. Again. (Videos)

Russian Tu-160M2 Supersonic Bomber Prepares for Its Maiden Flight

Taliban Warns Trump That Afghanistan Will Become 'Graveyard'

Coming Soon, Worst Crash of Our Lifetime

The Key to All This Chaos...Sex

False Prophet Pope Francis Pushing Globalist Immigration Agenda

Hate Groups Clash This Time in Boston as 20 Black Lives Matter Thugs Arrested for Pounding on Police Vehicles

Russia: Soon the masses will be back to the Big Cities…

The Sun is Welcoming the Eclipse with a Burst of Renewed Activity

Top Alternative

Russian Tu-160M2 Supersonic Bomber Prepares for Its Maiden Flight

Oklahoma Sheriff Auctions 300 Guns, Vehicles, and Other Items

5 Creatures People Thought Were Fake, But Aren't!

Winged Humanoid Terrorizing People All Over Chicago

Kentucky Town Defends Statues, Make Perfect Offer for Irate Liberals Who Want Them Gone

Libs About to Riot After OK Rep Calls for Destruction of the 1 Most Racist Icon Throughout U.S.

Meanwhile–Around the World

I never learned hate at home, or shame. I had to go to school for that.

Don’t Forget The War At Home

Most of the Recent Warming Could be Natural – Jennifer Marohasy

Email this story

Email this story