Prices for crude oil dropped on friday
for the second day due to concerns about oversupply
on the market. Saudi Arabia, the leading producer from the Organization
of Petroleum Exporting Countries, warned that it may increase its output in the coming
months. Prospects for even more supply on the already over saturated market overshadowed the steady decline
of the number of US oil rigs. Prices were rising during the current
trading week, but the rally has halted on Thursday. Futures
for delivery of WTI crude oil in July dropped 1.25 percent
to $60.01 per barrel as of 20:58 GMT on NYMEX today. Contract for Brent crude lost 2.12
percent to $63.73 per barrel on ICE.Futures for natural gas were in decline too during the Friday’s
trading session. Forecasts of mild weather in the United States
suggest limited usage of the commodity. Released yesterday, the report from
the Energy Information Administration showed an increase of US stockpiles of gas
by 111 billion cubic feet, slightly less than analysts had anticipated.
July natural gas declined 2.48 percent to $2.76 per million British
thermal units on NYMEX today.
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