Business Other News 25 Jul 2016 Crude stays near 2-m ...

Crude stays near 2-month low on oil glut worries

REUTERS
Published Jul 25, 2016, 9:53 am IST
Updated Jul 25, 2016, 10:23 am IST
London Brent crude for September delivery was down 4 cents at $45.65 a barrel.
US refiners have started blending winter-grade gasoline.
 US refiners have started blending winter-grade gasoline.

Crude prices inched down on Monday in Asia, staying not far from two-month lows hit in the previous session, amid worries over a global oil glut.
A strong dollar and the fourth weekly rise in the US oil rig count have helped relieve pressure on crude futures.

London Brent crude for September delivery was down 4 cents at $45.65 a barrel by 2243 GMT on Sunday, after settling down 51 cents on Friday.

 

The benchmark contract on Friday hit $45.17, the lowest since May 11.NYMEX crude for September delivery was down 5 cents at $44.14 a barrel, after closing down 56 cents on Friday.

Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports.

In a summer of discontent with high inventories and an unseasonably weak demand, some US refiners have started blending winter-grade gasoline earlier than usual to sell later in the year, two trading sources told Reuters last week.

 

The world's biggest economies will work to support global growth and better share the benefits of trade, policymakers said on Sunday after a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism.

Money managers cut their net long US crude futures and options positions to a four-month low in the week to July 19, the US Commodity Futures Trading Commission said on Friday.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
-->