Friday, 16 June 2017

Oil sits near half-year lows as global supply overhang weighs

Oil prices dipped early on Friday and were not far off six-months lows as an ongoing supply overhang weighed on markets despite an OPEC-led effort to cut production and prop up prices. Prices for both benchmarks are down by more than 13 percent since late May, when producers led by the Organization of the Petroleum Exporting Countries (OPEC) extended a pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of the first quarter of 2018. The price falls are due to ongoing high supplies despite the pledge to cut from within OPEC, and also because of rising output from the United States. 

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