Oil prices dip on persistent fuel supply overhang :: Oil prices dipped on Friday as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a significant cut to their output. International Brent crude oil futures (LCOc1) were trading at $45.77 per barrel at 0743 GMT (2:43 a.m. ET), down 7 cents from their last close.
West Texas Intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. The price of WTI is often referenced in news reports on oil prices, alongside the price of Brent crude from the North Sea.Cushing, Oklahoma is the delivery hub.
Oil prices fall as strong dollar wipes out OPEC cut optimism:: Oil prices fell on Friday as a strengthening U.S. dollar beat back renewed hope that OPEC might finally agree production cuts. Brent crude oil futures (LCOc1) fell 32 cents, or 0.69 percent, to $46.17 per barrel by 0751 GMT. U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) were down 47 cents, or 1.06 percent, at $44.95 a barrel.
Oil prices retrace losses but doubts remain over OPEC output deal:: Oil prices retraced losses on Monday, after sharp falls overnight on the back of mounting concerns that Wednesday’s crunch OPEC meeting will not yield an agreement on output cuts. U.S. crude oil was down 8 cents or 0.22% at $45.97 a barrel at 1044GMT, after falling as low as $45.26 earlier. Global benchmark Brent futures were at $48.16 a barrel, off 8 cents or 0.19%.
Crude oil prices fell by 1.75 per cent on Wednesday at the domestic markets after industry data on U.S. stockpiles showed solid builds across categories indicating that the demand for the commodity in US, world’s largest crude oil consumer is weak.