Crude Oil Prices Fall Below $50 Per Barrel




Oil prices fell Friday as OPEC’s key producers cast doubt
on the need to cut output, denting hopes of a deal to tackle
a global supply glut.
Iranian Oil Minister Bijan Zanganeh on Friday said his
country wanted its pre-sanctions share of the crude
market.
His comments followed a warning by Saudi Energy Minister
Khalid Al-Falih regarding the success of a gathering in
Algeria next month on world output levels.
Around 1230 GMT, US benchmark West Texas
Intermediate for delivery in October was down 18 cents at
$47.15 a barrel.
Brent North Sea crude for October delivery lost 32 cents to
$49.35 a barrel compared with the close on Thursday.
Oil prices had rallied last week and entered a bull market —
a 20-percent rise from recent lows — after OPEC and
Russia announced plans to discuss the supply crisis,
which has hammered the crude market for more than two
years.
But prices have taken a beating this week on concerns
about prospects for success at the September meeting in
Algiers.

About Dunio Mabushi

0 comments:

Post a comment