Oil prices witness slip due to high fuel inventories
DSIJ Intelligence / 14 Jul 2017
Oil prices witnessed slip on Friday, dragged down by high fuel inventories and improving industry efficiency, but still on track for a weekly gain.
Oil prices witnessed slip on Friday, dragged down by high fuel inventories and improving industry efficiency, but still on track for a weekly gain.
US West Texas Intermediate (WTI) crude futures were at USD 45.98 per barrel, down 10 cents, or 0.2%, but up around 4% for the week.
Brent crude futures, the international benchmark for oil prices, were down 8 cents, or 0.2%, at USD 48.34 per barrel at 0151 GMT, but up 3.5% for the week.
As per market analysts, for the first half of 2017, Organisation for Economic Co-operation and Development (OECD) inventories are likely to finish higher, rather than lower. OPEC has to trim deeper and for longer if it wants to eliminate the inventory overhang and prices to rise.
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