Brent Crude Holds Below $50 as Russia Said to Oppose Deeper Cuts

5 Jul 2017   Prices

Russia to oppose any proposal to cut output further: officials U.S. crude stockpiles forecast to resume declines: survey Brent crude traded below $50 a barrel after ending the longest run of gains since 2012 as Russia was said to oppose any proposal to deepen OPEC-led production cuts. Futures were little changed in London after losing 7 cents on Tuesday, snapping an 11 percent increase over eight sessions. Russia wants to continue with the current deal and any further supply curbs would send the wrong message to the market, according to government officials. U.S. crude stockpiles probably resumed declines last week, a Bloomberg survey showed before an Energy Information Administration report Thursday. While prices have surged during the past week, oil remains in a bear market after concerns that rising global supply will offset output cuts from the Organization of Petroleum Exporting Countries and its partners. Libya and Nigeria , […]

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