Oil prices pulled down by surging output, but Iran sanctions loom
call or whatsapp on-(9627214242) & (9759995554)
Oil prices fell on Friday as surging output by the world's three largest producers outweighed supply concerns from the start of U.S. sanctions next week against Iran's petroleum exports.
Front-month Brent crude futures were at $72.56 per barrel at 0109 GMT on Friday, down 33 cents, or 0.5 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 26 cents, or 0.4 percent, at $63.43 a barrel.
"Crude oil prices took a severe hit as investors were unnerved on rising global inventories and record high output in 2018," said Benjamin Lu of brokerage Phillip Futures.
Brent has fallen by over 12 percent since the beginning of October, while WTI has lost more than 13 percent in value.
The downward pressure on oil is also visible in the physical market, where top exporter Saudi Arabia is expected to cut crude prices for December cargoes amid higher supply and a glut in refined products that has eroded refinery profits.
Comments
Post a Comment