4 May 2024
Pricewatch – Oil prices retreat amid renewed expectations of strong supply
Publication date: 15 June 2017
Gas Strategies Group
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EC4A 4AD
ISSN: 0964-8496
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Crude prices slipped to six-month lows this week as production from the world’s largest oil cartel OPEC remains steady and US output and stockpiles of refined products swell.
Front-month contracts for international and US benchmarks Brent and West Texas Intermediate (WTI) closed between roughly USD 45-47/barrel on Wednesday evening, down more than 10% since late May and marking the lowest levels since the market dipped momentarily last November. Both types of futures were inching down on Thursday morning.