Oil recovers some losses but market still under pressure

10 Jul 2017   Prices

Oil prices recovered some losses on Monday after a 3 percent fall in the previous session, but markets remain under pressure from high drilling activity in the United States and ample supplies from producer club OPEC. Brent crude futures, the international benchmark for oil prices, were at $47.08 per barrel at 0136 GMT, up 37 cents, or 0.8 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $44.60 per barrel, up 37 cents, or 0.8 percent. Traders said the higher prices were reflected opportunistic buying following Friday’s steep fall, but added that overall market conditions remain weak. Brent prices are 17 percent below their 2017 opening despite a deal led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production from January. ANZ bank said on […]

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