Sat, 06 Mar 2021 Today's Paper

Oil prices sink further as glut worries return

30 July 2016 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

AFP - Oil prices fell further towards the $40 mark in Asia yesterday, extending losses to a seventh-straight day on renewed worries about a global supply glut, increased production. The commodity has slipped nearly 20 percent since its 2016 peak above $50 in early June as the crucial US holiday driving season comes to an end and temporary disruptions to output in Canada and Nigeria ease. At about 0320 GMT, US b enchmark We s t Te x a s Intermediate was down seven cents to $41.07 a barrel while North Sea Brent was down five cents to $42.65.

“There is too much oil in the market, there’s an incredible amount,” Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney, told Bloomberg News. “Oil is in a range of $40 to $50 a barrel and prices below $40 a barrel are going to be a problem.”

On Wednesday, the US Energy Information Administration reported the first increase in US commercial crude stockpiles since May, adding that inventories were 13.4 percent up on-year and gasoline stocks were 11.8 percent higher. Supplies are now at levels not seen for two decades. Adding to downward pressure on crude is a slow but steady rise in the number of rigs coming back online in the United States. Companies were forced to shut installations earlier this year as prices sank to near 13-year lows below $30. But the rise in recent months has led them to reopen the rigs as they become more costeffective.

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Khaki fury at Peliyagoda Police rattles law fraternity

Torture and murder at police stations are nothing new in Sri Lankan history.

Porn and Nudes: Delving into Cyber Exploitation in Sri Lanka

The images and videos are distressing. Non-consensual sharing of intimate ima

People at a loss as.... COVID vaccination programme hits a snag

The much awaited vaccination drive for Sri Lankan healthcare staff began on J

42 trees felled; Ambagamuwa PS Chairman - a law unto himself ! Unjust enrichment via natural resources

Ambagamuwa Pradesha Sabha (PS) Chairman Jayasanka Perera was allegedly accuse

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.