- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

Brent Crude Oil Price Drops to 5-Month Low of $47 Per Barrel

© AFP 2023 / FABIO BUCCIARELLISmoke is seen rising from the the burning leftovers of an oil refinery over oil fields near the oil rich city of Ramlan, on October 20, 2013 near the Syrian Kurdish town of Derik
Smoke is seen rising from the the burning leftovers of an oil refinery over oil fields near the oil rich city of Ramlan, on October 20, 2013 near the Syrian Kurdish town of Derik - Sputnik International
Subscribe
The price of Brent crude oil slumped to the lows of $46.85 per barrel.

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that hammered prices, in Cushing, Oklahoma, March 24, 2016 - Sputnik International
World
Dakota Access Pipeline, Chinese Demand and OPEC Cuts to Boost Oil Prices
MOSCOW (Sputnik) — The price of Brent crude oil, the international benchmark, slumped to the lows of $46.85 per barrel for the first time since November 30, market indices showed Friday.

West Texas Intermediate (WTI), the standard for US oil, sank to $44.77 per barrel amid rising US production, the lowest since November 29.

Oil output in the United States rose by 0.3 percent in a week, or by 28,000 barrels a day to 9.29 million barrels a day, data released by the US Department of Energy showed.

Last November, OPEC oil producers agreed to reduce oil output by 1.2 million barrels per day for the first six months of 2017, with a daily cartel-wide cap standing at 32.5 million barrels. In turn, non-OPEC producers agreed to slash their output by 558,000 barrels a day.

The deal expires in June. The signatories are expected to meet later this month to discuss whether the agreement, which seeks to shore up oil prices, should be extended for another six months.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала