Oil prices dipped on Friday as a rise in the US inventories added concerns about oversupply.

 

By 07:00 pm Riyadh local time, Brent Crude futures were down 6.20 percent to $58.72 a barrel, while WTI crude futures were down by 6.77 percent to $50.93 a barrel.

 

The US Energy Information Administration (EIA) data on Wednesday showed that the US crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, its highest level since December.

 

“As long as there's lingering uncertainty around how much OPEC will reduce production no clear trend will be able to form,” said Konstantinos Anthis, Head of Research at ADS Securities in his daily report.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Related News

Oil prices edge up despite rise in US inventories

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request