Oil rebounds on U.S. stocks drawdown, declining OPEC compliance weighs

3 May 2017   Prices

Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record supplies capped gains. The benchmark for global oil market, Brent futures LCOc1 gained 56 cents, or 1.1 percent to $51.02 a barrel by 0156 GMT. U.S. West Texas Intermediate crude CLc1 rose 48 cents, or 1 percent, to $48.14 a barrel. On Tuesday, WTI slid 2.4 percent to its lowest close since March 21 and Brent closed at its lowest level this year, erasing all of the gains made since OPEC agreed to reduce production in November. “There is precautionary buying following API data and leading to EIA data tonight,” said Ric Spooner, […]

Comments are closed.