Oil Posts Solid Gains This Week

15 Jul 2017   Prices

Oil prices posted steady and solid gains this week, clawing back some of the most recent losses and moving back up into the upper-$40s per barrel. The concerns about oversupply have not gone away, so there are questions about how much more room oil has to run from here. IEA: Saudi Arabia boosts production, undermining OPEC deal. The IEA said in its latest Oil Market Report that the higher production from OPEC is likely going to delay the rebalancing of the oil market. Saudi Arabia increased production by 120,000 bpd in June, and the sharp increase in output from Libya and Nigeria led to a decline in the group’s compliance rate to just 78 percent, down from 95 percent a month earlier. Meanwhile, Saudi Arabia is hoping to cut oil exports to the U.S. in a bid to drain American oil inventories, a strategy that […]

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