Oil dips over doubts that high OPEC compliance with announced cuts will last

15 Feb 2017   Prices

Oil prices dipped on Wednesday over concerns that producer club OPEC would not be able to maintain its high compliance so far with output cuts aimed at reining in a global fuel supply overhang. Brent crude futures LCOc1 were trading at $55.80 per barrel at 0115 GMT, down 17 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1, were down 20 cents at $53 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017. BMI Research said that, based on a calculated compliance of 92.8 percent by OPEC […]

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