Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Oil higher but supply glut concerns persist

Published 24/03/2017, 11:32 pm
Updated 24/03/2017, 11:32 pm
© Reuters.

© Reuters.

Investing.com - Oil was higher Friday but global supply glut concerns persisted.
U.S. crude was up 33 cents, or 0.69%, at $48.03 at 08:00 ET. Brent crude added 25 cents, or 0.49%, to $50.81.
Market volatility has been marked by the merits of compliance with output cuts by major producers set aside higher U.S. inventories and supply.
U.S. crude inventories currently stand at a record 533.1 million barrels.
||Baker Hughes}} rig count data are due out later in the session.
The market received some support from a report Saudi Arabia is expected to reduce oil shipments to the U.S. this month.
OPEC and non-OPEC producers have agreed to cut output by 1.8 million barrels a day in the first half.
The adherents to the agreement are due to meet this weekend in Kuwait to discuss compliance with the cuts.
No decision on an extension of the accord beyond June is expected until May.
Despite Friday's bounce back, oil remained on track for its third straight weekly loss.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.