Crude prices retreat ahead U.S. oil rigs data
2017-02-17 13:47:41 GMT (Economies.com)
Crude prices retreat ahead U.S. oil rigs data

Crude prices sharpened their decline in European trade on Friday on U.S. oversupply concerns after crude inventories surged to the highest since 1982, and ahead of U.S. oil rigs data.
 
As of 12:55 GMT, U.S. crude fell to $53.10 a barrel from the opening of $53.45, with an intraday high at $53.50, and a low at $52.93.
 
U.S. crude March futures closed up 0.9% yesterday after OPEC opened the door for more production cuts in the future.
 
U.S. crude stocks surged last week to the highest level since the start of collecting data in 1982, registering the sixth weekly rise in a row, in a negative sign for demand in the world's largest oil consumer.
 
The Energy Information Administration expects shale production to rise by 80 thousand bpd next month, and for total production to hit record highs in 2018.
 
Later today, Baker Hughes will release data on U.S. oil rigs, expected to rise for the fifth week in a row from the current total of 591 rigs, already the highest since October 2015.

 
 
 
 SymbolLastChangeChg.%
1.0562
-0.00
-0.17
1.2462
-0.01
-0.73
18.38
0.19
1.04
54.04
-0.34
-0.62
1257.20
7.83
0.63
 
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Yemen249.9500
UAE3.6720
Tunisia2.2933
Syria514.9800
Sudan6.3997
Saudi Arabia3.7499
Qatar3.6407
Oman0.3845
Morocco10.1008
Libya1.4263
Lebanon1512.0000
Kuwait0.3050
Jordan0.7075
Iraq1181.0000
Egypt15.7500
Bahrain0.3765
Algeria109.9290