Crude oil prices plunge further

SHARE:

News: Crude oil prices plunge further By Prince Okafor Brent futures yesterday went down 0.8 percent at $54.6 barrel per day (bbl) as Wes...

News: Crude oil prices plunge further

By Prince Okafor
Brent futures yesterday went down 0.8 percent at $54.6 barrel per day (bbl) as West Texas Intermediate, WTI crude was down 1.2 percent at $51.57/bbl.
This is even as the Energy Information Administration, EIA’s forecast that U.S. crude oil production will rise to 9 million bbl this year with another 500,000 bbl increase in 2018.
FXTM Research Analyst Lukman Otunuga, told Vanguard that, WTI Crude was exposed to further losses on Wednesday after the shocking increase in United State fuel inventories and decline in Chinese demand revived concerns of the excessive oversupply in the global markets.
He noted that, the resurgence of U.S shale production could undermine the efforts of Organisation of the Petroleum Exporting Countries, OPEC, and Non-OPEC members in mitigating the global oversupply consequently leaving oil prices vulnerable.
He added, “There is a threat of the OPEC production cut deal falling apart in the future if U.S shale continues to pump incessantly. Although oil prices were initially buoyed by the optimism over OPEC and Non-OPEC members achieving roughly 82 percent compliance with its production cut, the big elephant in the room known as U.S shale should limit upside gains. “The breakdown below $52 on WTI could spark a further selloff lower towards $51.”

COMMENTS

Name

album,1,edu,6,education,12,ent news,1,entertainment,206,Free Browsing Cheats Code,5,general,4,gist,7,gossip,27,health,3,How TOs,2,lifestyle,26,lil kesh,1,lyrics,44,movie,4,music,288,music video,2,new,1,news,192,Phones,5,relationship,1,sport,107,stories,2,technology,1,Technology News,8,video,133,
ltr
item
Galant9ja.Com » Nigerian Entertainment Blog: Crude oil prices plunge further
Crude oil prices plunge further
Galant9ja.Com » Nigerian Entertainment Blog
https://gistboom.blogspot.com/2017/02/crude-oil-prices-plunge-further.html
https://gistboom.blogspot.com/
http://gistboom.blogspot.com/
http://gistboom.blogspot.com/2017/02/crude-oil-prices-plunge-further.html
true
354895079097108542
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy