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Oil Set To End Multi-Week Bull Run As Oversupply Concerns Resurface.(Reuters,2017).

  • POSTED ON: October 6, 2017
  • SOURCE: Reuters
  • CATEGORY:

AMSTERDAM (Reuters) – Oil prices fell on Friday at the end of a week that saw profit-taking and the return of oversupply concerns lead the market lower, snapping a multi-week bull run that was Brent’s longest in 16 months.

Benchmark Brent crude futures LCOc1 were down 26 cents at $56.74 a barrel at 1112 GMT, set for a 1.5 percent loss on the week and snapping a five-week winning streak that was the longest since June 2016.U.S. West Texas Intermediate (WTI) crude CLc1 was at $50.27, down 52 cents. It was set to close the week down nearly 3 percent, the biggest weekly loss in three months.

Russia on Friday clarified remarks on the oil market made by President Vladimir Putin earlier this week, saying he did not propose extending a global oil output cut deal but said he recognized it was a possibility.The prospect of extended oil production cuts by the Organization of the Petroleum Exporting Countries and other producers led by Russia had supported prices in recent sessions.

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https://www.reuters.com/article/us-global-oil/oil-set-to-end-multi-week-bull-run-as-oversupply-concerns-resurface-idUSKBN1CB02D

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