Higher inventories send oil prices lower

16 Feb 2017   Prices

More signs of recovery in U.S. shale oil basins and indications of a build in inventories sent crude oil prices lower early Wednesday. Crude oil prices rallied Tuesday to offset dramatic losses from earlier this week. Markets in general rallied after Federal Reserve Chair Janet Yellen issued a general upbeat assessment of the U.S. economy. Oil prices have moved in a narrow band around $55 per barrel more or less since late 2016 as markets watch for signs of a healthy balance between supply and demand. An agreement by the Organization of Petroleum Exporting Countries to limit output has been countered by a rise in North American oil production, which reflects improved economics in the energy sector. Markets early Wednesday were reacting […]

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