MTECHTIPS;-Oil falls as IEA sees waning compliance with OPEC cuts


MTECHTIPS;-Oil falls as IEA sees waning compliance with OPEC cuts

MTECHTIPS-Oil prices fell on Thursday after the International Energy Agency (IEA) said the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some OPEC exporters. The Paris-based IEA said rising consumption in Germany and the United States was helping boost oil demand but the world still faced a fuel glut. Brent crude (LCOc1) was down 40 cents at $47.34 a barrel by 1120 GMT. U.S. light crude (CLc1) was down 35 cents at $45.14. Oil prices have dropped in recent weeks to levels not seen since the end of last year as investors have lost faith in a deal between OPEC and non-OPEC producers to reduce output, while U.S. shale oil production has risen sharply. “Each month something seems to come along to raise doubts about the pace of the re  balancing process,” the IEA report said. “This month, there are two hitches: a dramatic recovery in oil production from Libya and Nigeria and a lower rate of compliance by OPEC with its own output agreement

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-19

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s