Oil prices hover near January lows amid surging supply - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

Front-month Brent crude futures were at $60.78 at 0246 GMT. That was 15 cents, or 0.3%, above last session’s close.steadied on Thursday after falling to near 5-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising US supply and a stalling economy.

US West Texas Intermediate crude futures were at $51.84 per barrel, 16 cents, or 0.3%, above their last settlement. US crude production rose to a record 124.4 million barrels per day in the week to May 31, the Energy Information Administration said on Wednesday, an increase of 1.63 million bpd since May 2018.

“Rising US production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices,” said Alfonso Esparza, senior analyst at futures brokerage OANDA.

This could bring some reprieve in the pumps for the cash-strapped South Africans, something we so desperately need!⛽⛽

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