Oil trends weaker as Russia keeps output steady
ecPulse
2014-12-17 10:52AM UTC
Crude oil extended losses in Asian trading on Wednesday after touching $54 a barrel on Tuesday; it’s lowest since May 2009, amid escalating fears of a slowdown in the global economy and continued weak demand against supply in markets. The drop in oil prices was supported by oil-producing companies insisting on keeping output unchanged, where the Russian Energy Minister Alexander Novak said on Tuesday that Russia (one of the three largest producers of crude) does not intend to cut production in order not to lose its market share. Russia, alongside with the Organization of the Petroleum Exporting Countries (OPEC) agreed not to cut production ceiling to maintain market shares, especially that Saudi Arabia and UAE said there is no need for an emergency meeting of OPEC, and that markets will stabilize at the end of the day without a pressing need to cut output. Oil prices are expected to remain volatile with tendency to drop if market data remained unchanged, in addition to the continued market share war that will only be solved by joint cooperation among oil producing countries. Crude oil for delivery in December dropped 0.94% to $55.73 a barrel at 07:44 GMT.
Commodities News
Commodities
How did gold become a major component in Nvidia's signature GPUs?
2024-04-25 20:32PM UTC
Nvidia has witnessed one of the most stunning success stories in recent years.. But before we get ...
Commodities
Oil prices lost ground despite large US inventory drawdown
2024-04-24 20:42PM UTC
Oil prices fell on Wednesday despite earlier official data that showed a steep decline in US crude ...
Commodities
US crude stocks fall more than expected
2024-04-24 16:29PM UTC
The Energy Information Administration reported a drop of 6.4 million barrels in US crude stocks ...
Commodities Technical Analysis
Commodities
Brent oil price forecast update 26-04-2024
2024-04-26 11:01AM UTC
Brent Oil Price Analysis Expected Scenario Brent oil price shows additional positive ...
Commodities
Crude oil price forecast update 26-04-2024
2024-04-26 11:01AM UTC
Crude Oil Price Analysis Expected Scenario Crude oil price keeps its stability above ...
Commodities
Silver price forecast update 26-04-2024
2024-04-26 11:00AM UTC
Silver Price Analysis Expected Scenario Silver price provides slight positive trades to ...