Crude prices retreats in downward spiral
2017-03-20 17:43:31 GMT (Economies.com)
Crude prices retreats in downward spiral

Crude prices kept falling on Monday on ongoing selling pressures due to rising U.S. production that offset OPEC's output cuts earlier this year. 

 

U.S. crude futures last traded at $48.38 a barrel, down from the opening of $48.66, with an intraday high at $48.72, and a low at $47.82. 

 

Crude's current decline started two weeks ago on oversupply concerns as U.S. stockpiles kept rising, while shale production surges, heaping pressure on prices. 

 

Negative pressures mounted on prices after earlier data showed the U.S. oil rig count up by 14 rigs in the week ending March 17 to a total of 631, the highest since September 2015. 

 

OPEC said it prefers to extend the production cuts beyond the June deadline in order to support prices and achieve balance, while calling on other producers like Russia to extend their cuts as well according to the deal. 

 
 
 
  Symbol Last Change Chg.%
1.0864
-0.0041
0.3718%
1.2895
0.0047
0.3693%
17.309
-0.183
1.046%
48.365
-0.835
1.697%
50.74
-1.08
2.08%
1265.715
-3.100
0.244%
 
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