Crude Oil price trades near 6-month lows as concerns of excess supply keep buyers at the bay.
At the time of writing, Brent was up 16 cents at $46.90/barrel. WTI Oil was flat lined around $44.45/barrel. Both benchmarks have dropped more than 10% since late May even though OPEC extended the output cut deal by an extra nine months until the end of the first quarter of 2018.
Moreover, bulls are demoralized by evidence of a surge in Russian and US output. As per Reuters calculations, “Russia is expected to export 61.2 million tonnes of oil in the third quarter (around 5 million bpd), against 60.5 million tonnes in the second quarter”.
Meanwhile, the Energy Information Administration (EIA) report released earlier this month said the US output is expected to rise above 10 million bpd in 2018. The US output has already risen close to 10% over the past year to 9.3 million bpd.
Current Crude Oil Status:
Currently, Crude Oil is trading at 44.44, down -0.04%, having posted a daily high at 44.48 and low at 44.24.
To know our latest recommendation or crude oil tips along with stop loss and target price visit www.mmfsolutions.sg
No comments:
Post a Comment