Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Oil falls on oversupply

  • SOURCE: | Editor
  • oil-dropsOil prices fell on Wednesday as a global supply overhang weighed on markets, while talk of a potential producer meeting to discuss propping up prices was largely expected by analysts to have no impact on supplies.


    U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $42.43 per barrel at 0657 GMT, down 34 cents from their last settlement, or 0.79 per cent.

    International Brent crude futures LCOc1 were at $44.62 per barrel, down 36 cents, or 0.8 per cent.

    Traders said that markets were being weighed down by an ongoing supply overhang in crude and refined fuel products, while a suggested meeting by oil producers was unlikely to result in a significant market tightening.

    “Oil eased lower as another round of proposed production freeze talks by OPEC failed to excite investors. An upgrade in U.S. oil production forecasts by EIA also weighed on sentiment. EIA is now expecting U.S. output to reach 8.31 million barrels per day in 2017, up from its forecast of 8.2 million barrels per day in July,” ANZ Bank said on Wednesday.

    Venezuela, a member of the Organisation of the Petroleum Exporting Countries (OPEC), is trying to drum up support for a producer meeting to decide measures that would buoy oil prices.


    Source: Reuters

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do you think the President should fund the free SHS with oil revenue?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Jul 2018 >>
    MTWTFSS
    25 26 27 28 29 30 1
    2 3 4 5 6 7 8
    9 10 11 12 13 14 15
    16 17 18 19 20 21 22
    23 24 25 26 27 28 29
    30 31 1 2 3 4 5
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar