Wednesday, March 22, 2023
British Herald
Advertisement
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
Home Business

Oil prices drop as broad market sell-off outweighs supply concerns

Editorial Bureau by Editorial Bureau
November 20, 2018
0
Oil prices drop as broad market sell-off outweighs supply concerns

FILE PHOTO: A worker walks inside the Brazil's Petrobras P-66 oil rig in the offshore Santos Basin in Rio de Janeiro, Brazil September 5, 2018. Picture taken September 5, 2018. REUTERS/Pilar Olivares/File Photo

74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

SINGAPORE (Reuters) – Oil markets lost steam on Tuesday as a deteriorating economic outlook and a surge in U.S. production outweighed expected supply cuts by the Organization of the Petroleum Exporting Countries (OPEC).

You might also like

Swiss worry on size of new Superbank

“Guns and Roses” Bulgaria arms industry booms amid Ukraine war

Markets rebound ahead of Federal reserve decision on hike interest rate

Brent crude oil futures <LCOc1>, the international benchmark for oil prices, were at $66.43 a barrel at 0608 GMT, down 36 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures <CLc1> were at $56.97 per barrel, 23 cents, or 0.4 percent, below their last settlement.

The dips followed price increases earlier in the session.

“Upside potential has shown to be shaky as bullish movements lose steam,” said Benjamin Lu of Singapore-based brokerage Phillip Futures.

Oil prices are almost a quarter below their recent peaks in early October, weighed down by surging supply, especially from the United States.

U.S. crude oil production <C-OUT-T-EIA> has soared by almost 25 percent this year, to a record 11.7 million barrels per day (bpd).

That comes amid widespread market expectations of an economic slowdown, which saw Asian stock markets tumble on Tuesday, adding to sharp losses on Wall Street the previous day.

As a result, financial traders have become wary of oil markets, seeing further price downside risks from the growth in U.S. shale production as well as the deteriorating economic outlook.

Portfolio managers have sold the equivalent of 553 million barrels of crude and fuels in the last seven weeks, the largest reduction over a comparable period since at least 2013.

Funds now hold a net long position of just 547 million barrels, less than half the recent peak of 1.1 billion at the end of September, and down from a record 1.484 billion in January.

OPEC CUTS EXPECTED

Concerned about an emerging production overhang similar to the one that led to a price slump in 2014, OPEC is pushing for a supply cut of 1 million to 1.4 million bpd.

“We expect OPEC to agree to a supply cut at its next official meeting on 6 December,” French bank BNP Paribas said.

The bank added that it expected Brent to recover to $80 per barrel before year-end.

“In 2019, we expect WTI to average $69 per barrel and Brent $76 per barrel,” BNP said.

The International Energy Agency (IEA), which represents the interest of oil consumers, on Monday warned OPEC and other producers of the “negative implications” of supply cuts, with many analysts fearing that a spike in crude prices could erode consumption.

(Reporting by Henning Gloystein; Editing by Christian Schmollinger and Joseph Radford)

Share30Tweet19
Editorial Bureau

Editorial Bureau

Recommended For You

Swiss worry on size of new Superbank

March 22, 2023
UBS and Credit Suisse

The matchmaking of UBS and Credit Suisse will create the biggest bank Switzerland has ever seen. Some wonder if the superbank might be too big for its good....

Read more

“Guns and Roses” Bulgaria arms industry booms amid Ukraine war

March 22, 2023
Bulgaria arms trade booms on Ukraine war

Kazanlak, central Bulgaria, with its massive arms factories and endless rose fields, has lived up to its "Guns and Roses" nickname since Moscow attacked Ukraine. Bulgaria's thriving arms...

Read more

Markets rebound ahead of Federal reserve decision on hike interest rate

March 21, 2023
Markets rebound ahead of Federal reserve decision

Stock markets rose in Europe and Asia on Tuesday ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks. Shares rose...

Read more

Bank shares, and oil prices sink in UBS buyout of Credit Suisse

March 20, 2023
UBS buyout of Credit Suisse

As UBS acquired Credit Suisse and assurances from financial officials failed to assuage investors alarmed by a new crisis, global bank shares and oil prices fell on Monday....

Read more

UBS shares plunge after Credit Suisse takeover announcement

March 20, 2023
UBS shares plunge after Credit Suisse takeover

After it was revealed that banking behemoth UBS would purchase its troubled competitor for nearly $3.25 billion in a deal arranged by regulators to prevent further market-shaking turmoil...

Read more
No Result
View All Result
Gareth Southgate challenges England to take ‘next step’ towards Euro 2024 glory

Gareth Southgate challenges England to take ‘next step’ towards Euro 2024 glory

March 22, 2023
JOE BIDEN

Joe Biden teases 2024 run at the awards ceremony for artists

March 22, 2023
China’s Xi, Japan’s Kishida end visits to Russia and Ukraine

Xi and Kishida end their visit to Russia and Ukraine

March 22, 2023

Tags

amazon australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus cases coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england European Union facebook France germany Hong Kong ICC Men's T20 india iran israel italy japan joe biden lockdown London new zealand north korea Rishi Sunak russia south korea spain T20 T20 World Cup taiwan thailand Trump turkey UK Ukraine usa
British Herald

Top News in World: Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

CATEGORIES

  • Africa
  • Articles
  • Asia
  • Brand Feature
  • Business
  • Climate & Environment
  • Companies
  • Crypto
  • Culture and Lifestyle
  • Daily Roundup
  • Economics
  • ECONOMY
  • edel
  • Entertainment
  • Europe
  • Fashion
  • Finance
  • Financial Markets
  • Fintech
  • Health
  • IN UK 01
  • IN UK 02
  • Investing
  • Latin America
  • Market
  • Middle East
  • nsp
  • Oceania
  • Opinion
  • Pharma/BioTech
  • Politics
  • Reviews
  • Science & Technology
  • Sport
  • Sustainability
  • Tech
  • Technology
  • Travel
  • UK
  • Uncategorized
  • USA
  • Videos
  • World

BROWSE BY TAGS

amazon australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus cases coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england European Union facebook France germany Hong Kong ICC Men's T20 india iran israel italy japan joe biden lockdown London new zealand north korea Rishi Sunak russia south korea spain T20 T20 World Cup taiwan thailand Trump turkey UK Ukraine usa

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

No Result
View All Result
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • Coffee Table Book
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?