Oil prices fall as US production fails to decrease
- 1 month ago
Oil prices have taken a turn on the downside as investor sentiment remains under pressure as all around signs grow fuelled by lack of demand and economic growth.
Brent crude has slipped by 1.1% to $59.62 a barrel while U.S. light crude has crashed to $50.08 following the highs of $61.21.
Futures fell as U.S. storage in Oklahoma increased by 1 million barrels which is raising concerns that the levels of production outweigh the demand.
Analysts are also questioning the anility of Russia and OPEC to stabilize the markets in the new year given that the U.S. has gradually taken over the top spot as the world’s producer.
Something the Organisation of the Petroleum Exporting Countries is finding hard to keep a lid on.
Source: Smart Trend Team