Wednesday, 21 June 2017

Oil holds near multi-month lows as glut fears persist

Oil prices held around multi-month lows in early Asian trading on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. Brent was down 6 cents at $45.96 barrel at 0035 GMT. The global benchmark ended down 89 cents, or 1.9 percent, on Tuesday at its lowest settlement since November. U.S. crude futures for August were trading down 3 cents at $43.48. The July contract, which expired on Tuesday, settled down than 2 percent at its lowest since September. The Organization of the Petroleum Exporting Countries and other producers agreed to cut output by 1.8 million barrels per day (bpd) for six months from January and compliance with the agreement has reached more than 100 percent.

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