OPEC’s uphill effort leaves oil prices in negative territory

9 Aug 2017   OPEC, Prices

Crude oil prices move into negative territory early Monday as some market analysts say they’re seeing a ceiling start to emerge over the recent rally. File photo by Monika Graff/UPI Aug. 7 (UPI) — With demand pressures from seasonal factors starting to fade, crude oil prices lost ground early Monday as questions about balance start to resurface. Crude oil prices broke out of the mid-$40 range in mid June as demand factors started to show up as declining oil and gasoline inventories. Brent, the global benchmark for the price of oil, and West Texas Intermediate, the U.S. benchmark, both broke through the $50 mark late in the second quarter, but WTI lost grip on the psychological threshold in recent sessions. Efforts by the Organization of Petroleum Exporting Countries to balance the market through coordinated production declines have been offset at times by a U.S. shale oil sector that’s more […]

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