Tue, 28 Sep 2021 Today's Paper

Oil prices set to continue multi-week decline

7 August 2015 06:30 pm - 0     - {{hitsCtrl.values.hits}}

A A A

AFP - Oil prices looked set to continue a multi-week decline in Asian trade yesterday on concerns over a global oversupply of crude and mixed prospects for energy demand.

US benchmark West Texas Intermediate (WTI) for September delivery was at $44.81, down from $47.12 a week ago, and on course for its eighth consecutive week of declines.

Brent crude for September, meanwhile, was trading at $49.73 compared to $52.21 last week, and set for a sixth straight weekly fall.

In Asian trade through the day, both contracts were up slightly, with WTI rising 15 cents from $44.66 in New York and Brent gaining 21 cents from $49.52.
A glut of crude oil supply is seen as the main driver for a sharp decline in oil prices that has seen crude fall about 50 percent from mid-2014 levels.

“The rebalancing of supply and demand will likely prove to be far more difficult than what was previously priced into the market,” US investment bank Goldman Sachs said in a report, according to Bloomberg News. 

“The risks remain substantially skewed to the downside.” The United States is producing crude at high levels and output by the Organization of the Petroleum Exporting Countries (OPEC) continues to exceed the cartel’s quota of 30 million barrels per day.

In addition, investors were looking ahead to additional supplies of oil coming into the market as part of last month’s historic deal between six major powers and Iran over its nuclear programme.

In exchange for curbing its nuclear activities, Tehran will see the lifting of sanctions, which have slashed its oil exports.
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




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.

 


A state-sponsored elephant racket in the works

A controversial new gazette has been issued seeking to employ elephants for w

Waiver of registration questioned: Import of covid related drugs, products shrouded in controversy

The National Medicines Regulatory Authority- the independent authority that r

Mysterious disease killing pups!

A mysterious respiratory disease affecting puppies in the Central Province is

Jacqueline Fernandez; Lankan Star Shining in Indian Film Sky

Sri Lanka’s Jacqueline Fernandez who has made a name for herself in India