TOKYO/SINGAPORE - Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced.
However, analysts said oil markets remained tight amid supply cuts led by producer group OPEC and as political tension escalates in the Middle East.U.S. West Texas Intermediate crude futures for July delivery were down 49 cents, or 0.8 percent, at $62.64. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents.
Official data from the U.S Energy Information Administration’s oil stockpiles report is due later on Wednesday. Saudi Arabia has been at the forefront of supply cuts led by the Organization of the Petroleum Exporting Countries , of which the kingdom is the de-facto leader, that began in January and are aimed at reducing global oversupply.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Venezuela oil minister says economy, oil industry under U.S. siegeVenezuelan Oil Minister Manuel Quevedo said on Sunday his country's economy... 🤣 It's not that easy to be America's ( Trump ) political backyard!
Source: Reuters - 🏆 2. / 97 Read more »
Oil falls after Saudi assurances on market balance, Mideast tensionsOil prices fell on Tuesday after Saudi Arabia reiterated it would aim to keep th... Such bullshit. In case of war between Iran & gulf states, both will be destroyed, oil prices will jump,all prices will rise in the west &everybody will loose! No winner from this war except for israel who will just ask & get more money from the zionist trump to make up for extra fuel prices! It’s amazing that this one country can spike the gas markets anytime they want.
Source: Reuters - 🏆 2. / 97 Read more »
Oil prices head for 3% weekly gain as OPEC panel meeting convenes amid Middle East upheavalOil futures climb Friday for a fourth straight session, taking both benchmarks to weekly gains to 3%, as any potential demand worries tied to stock-market volatility were offset by supply concerns linked to Middle East tensions.
Source: MarketWatch - 🏆 3. / 97 Read more »
A massive Gulf oil spill is finally being contained after more than 14 yearsUp to 1,000 gallons of oil per day are being removed from the site of the Taylor Energy spill, says the owner of company that installed a containment system. Lie.... Pretty funny that BP is making a come back..., 😘 B Contained because it went dry?
Source: washingtonpost - 🏆 95. / 72 Read more »