Oil markets remain cautious on record supplies

21 Apr 2017   Prices

Oil opened the last day of a choppy trading week on a cautious note over doubts that an OPEC-led production cut was having the desired effect of restoring balance to a market that has been dogged by oversupply for more than two years. Brent crude futures LCOc1 were at $53.07 per barrel at 0113 GMT, up 8 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 had risen 8 cents to $50.79 a barrel. The stable prices came after a more-than-3.5 percent fall in both benchmarks earlier this week as doubts emerged over the effect of an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by almost 1.8 million barrels per day (bpd) during the first half of the […]

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