SINGAPORE :Oil prices slid more than 2per cent on Friday on concerns that a global supply surplus could swell in the first quarter following a U.S.-led coordinated release of crude reserves among major consumers and as a new COVID-19 variant spooked investors.
U.S. President Joe Biden's administration announced plans on Tuesday to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, India and Japan, to try to cool prices. Forecasts of rising surplus oil clouds the outlook of the meeting between OPEC and its allies, a group known as OPEC+, on Dec. 2 to decide on immediate production. The group is to decide whether it will continue raising output by 400,000 bpd in January.
- 2.2% not really a 'tumble' with all the rhetoric that's flying around desperately trying to get a 10% plus correction..
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Oil skids on concerns of rising surplus in Q1SINGAPORE : Oil prices slid more than 1per cent on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.Brent crude futures extended declines for a third session, falling 96 cents,
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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