 |
|
|
|
| Commodity News |
| HeadLine : |
Oil close to late-2014 highs on supply cuts, strong demand |
| Date : |
Apr 20 2018 |
Oil prices held firm on Friday near three-year highs reached earlier this week as ongoing OPEC-led supply cuts gradually draw down excess supplies. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 11 cents, or 0.2 percent, at $68.40 a barrel. Led by top exporter Saudi Arabia, the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) has been withholding production since 2017 to draw down a global supply overhang that had depressed crude prices between 2014 and 2016. The tighter oil market is also starting to feed into refined products, which use crude as their main feedstock to make fuels such as gasoline or diesel. One factor weighing on price gains has been rising U.S. production , which has jumped by a quarter since mid-2016 to 10.54 million barrels per day, making the United States the world's second biggest producer of crude oil behind only Russia, which pumps almost 11 million bpd.
Source: Investing.com
|
|
|
News Archives:
|
|
|
|
|