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MTECHTIPS;-Brent crude falls after surpassing $50 per barrel for first time since June

Friday, July 21, 2017 4:57

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MTECHTIPS;-Brent crude falls after surpassing $50 per barrel for first time since June

MTECHTIPS-Oil prices dipped on Thursday in choppy U.S. trading, as nagging worries about abundant global crude supplies dragged prices lower after an early rally pushed Brent above $50 per barrel for the first time since early June. Traders predicted prices would hold near current levels ahead of Monday’s meeting between key OPEC and non-OPEC producers in St. Peters burg, Russia. The market has been watching reports that Saudi Arabia, the world’s largest crude producer, is considering an additional supply cut to bring markets into balance. The Financial Times reported Wednesday that the Saudis were considering additional cuts, citing a consultant’s report. On Tuesday, Reuters reported the country was committed to working with other countries to draw down stocks, taking into account the surprising increase in production from OPEC members Nigeria and Libya. The Organization of the Petroleum Exporting Countries and non-OPEC allies, including Russia, agreed last year to cut production by 1.8 million barrels per day (bpd); that deal has been extended to March 2018. Brent futures (LCOc 1) stood at $49.47 a barrel at 1:05 p.m. EDT (1705 GMT), down 21 cents. U.S. West Texas Intermediate crude futures (CLc 1) fell 19 cents to $46.93 a barrel.

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