Oil prices swing high and low
DSIJ Intelligence / 12 Aug 2017
Weak OPEC compliance by Algeria, Iraq and the United Arab Emirates as well as output cuts and the time being taken for market rebalancing has caused disruption in oil prices. On Friday, the prices moved to a higher plane but then posted another weekly decline.
Weak OPEC compliance by Algeria, Iraq and the United Arab Emirates as well as output cuts and the time being taken for market rebalancing has caused disruption in oil prices. On Friday, the prices moved to a higher plane but then posted another weekly decline.
Brent crude, the global benchmark, was up 10 cents at USD 52 per barrel by 1837 GMT. On Thursday, the contract touched an 11-week high at USD 53.64. US West Texas Intermediate (WTI) crude ended Friday’s trade with an upward revision of 23 cents at USD 48.82 per barrel, after falling to a two-and-half week low of USD 48.01. The contract fell 1.5% this week, which was its second straight weekly decline.
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