Oil prices slighlty lower, although output is expected to decline
- 1 week ago
Oil prices hovered slightly lower due to expectations of a shrinking supply along with the current tensions between Washington and Beijing and Venezuela’s crisis affecting output.
International Brent crude oil futures are up 0.3% to $ 62.54 per barrel while U.S. West Texas Intermediate is slightly lower by 0.24% to $55.13 per barrel.
Output declines from the Organization of the Petroleum Exporting Countries (OPEC) as they make good on their pact to curb a supply overhang were compounded by falling U.S. oil rig counts and sanctions on Venezuelan oil sales.
Source: Smart Trend Team