Lates News [ 3/15/17 ] 01.25.00
Energy price continued to trade in the red on Tuesday, extending losses from earlier in the day after the monthly report published by the Organization of the Petroleum Exporting Countries ( OPEC ).indicated the case is weak for record inventories worldwide to deflate with the current balance in the market. As investors continued to digest worst-than-expected global oil supply data, West Texa Intermediate went on to trade over 2% lower.
Since the beginning of 2017, marketwatchers have been increasingly worried about the constant rise of the US inventories which have partially offset OPEC's effort to cap global oil production. Earlier in December, the OPEC members and other major oil producers led by Russia agreed to cut crude output by as much as 1.8 million barrels per day in order to battle the prevailing market oversupply.
WTI for April delivery decline 1.98% to trade for $47.44 per barrel, sliding future below the weakest level since the end of November at 8.24 am CET. Meanwhile, international benchmark Brent for settlement in May lost 1.52%, changing hands for $50.57 per barrel at 8.25 pm CET.
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