Oil rises on expected stockpile drop.

Business single post

  • Oil prices rebounded on Tuesday on expectations that inventories in the United States may decline, and that OPEC may raise output.

    Brent crude futures was at $75.59 a barrel on Tuesday.

    U.S. West Texas Intermediate (WTI) crude was at $65.19 a barrel.

    The Organisation of Petroleum Exporting Countries (OPEC) is due to meet in Vienna on June 22 .

    It meets to decide whether the group and non-OPEC producers, including Russia, will raise output to ease concerns over potential supply shortfalls from Iran and Venezuela.

    Over the weekend, OPEC and non-OPEC Arab oil ministers agreed on the need for continued cooperation to balance global supply, Kuwait’s state news agency KUNA reported.

    Global oil supply has tightened with the OPEC-led production cuts that began in early 2017.

    Crude stocks in the United States, the world’s biggest oil consumer were forecast to fall about 2.5 million barrels on average in the week ended June 1, according to five analysts polled ahead of the reports.

    In March, U.S. crude output rose to 10.47 million barrels per day, the highest on record, according to a monthly report by the Energy Information Administration (EIA).

    Industry group American Petroleum Institute (API) is due to release its data for last week’s U.S. crude oil inventories at 2030 GMT on Tuesday.

     

Source : IWN Online Editor

Read More : News, Business, Sports, Technology, Lifestyle & Culture, IWN TV, Opinion

You might be interested in:

Have something to say?

LEAVE A COMMENT 0 comments

Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted.Comments must be concise and to be point.The moderator will not enter into debate with individual contributor and the moderator's decision is final.The comment facility will be removed after 48 hours.

You must Login or Register to make a comment.

All Comments

    No comment to display.

More news