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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PIC has no record for R4bn investment into obscure oil exploration companyInvestment was made in obscure company with links to the ANC and former president Zuma BandiMchunu No leadership/captain whatsoever in that ship. Incredible! How many people were involved? Don’t think R4bn gets released by 1 rogue person? How is this, less of an outrage, than someone insulting another? I don't see the outcries....
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Oil rises on decline in US stocksConcern over the escalating US-China trade war caps gains
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