Oil prices fall as market weighs mixed supply signals

  • 📰 RTEbusiness
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 61%

South Africa News News

Oil prices slipped today in thin trade ahead of a public holiday, as traders weighed a larger-than-expected build in US oil stocks against tightening global supply.

Brent futures were down 86 cents, or 0.8%, at $107.92 a barrel, while US West Texas Intermediate CLc1 futures were off $1.10 or 1.1%, at $103.15 a barrel at 1335 GMT.

"The market was less active than usual, due to the long weekend in Europe, America and most of Asia, with the reduction in the number of active buyers also contributing to the easing in prices," said Ricardo Evangelista, senior analyst at ActivTrades, citing the US stock build. The International Energy Agency on Wednesday warned that from May onwards roughly 3 million barrels per day of Russian oil could be shut-in due to sanctions or buyers voluntarily shunning Russian cargoes.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
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:

 /  🏆 16. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines