LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » World News

Oil prices dip but stay near eight-week highs on U.S. stock declines

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Updated: Fri, Jul 28, 2017
09:24 am
Reuters

Oil prices edged lower on Friday but were still near 8-week highs, buoyed by a decline in U.S. inventories and OPEC`s ongoing efforts to curb production.

Brent crude futures were down 6 cents, or 0.1 percent, at $51.43 per barrel at 0251 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 5 cents, or 0.1 percent, at $48.99 per barrel.

Both benchmarks rose to their highest levels since May 31 in the previous session, buoyed by a rally in U.S. gasoline futures after earlier support from OPEC`s latest efforts to cut exports and a sharp fall in U.S. crude inventories.

"Crude oil prices rose further as the focus remained on fundamentals. This week`s better-than-expected inventory drawdown in the United States continued to support prices," ANZ bank said in a note.

U.S. crude stocks fell sharply by 7.2 million barrels in the week to July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration (EIA).

"Following seasonal norms we expect further declines in crude inventories over August and September," BMI Research said.

Brimming U.S. crude supplies have been a challenge to production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries.

U.S. crude oil production has been on the rise since mid-2016, but it dropped to 9.41 barrels per day (bpd) in the week to July 21, from 9.43 million bpd the week before. The decline was mainly due to a fall in Alaskan output, ANZ bank said.

Jeffrey Halley, senior market analyst at OANDA, said the market would watch U.S. rig count data for further signs of slowing drilling activity, as well as potential U.S. sanctions on Venezuela`s oil sector.

"Both developments should be bullish for oil," he said.

Oil prices have been supported by a further agreement between OPEC and some non-OPEC members to limit Nigerian oil output and encourage several members to comply with their pledged production cuts.

Since the world`s major oil producers held a meeting in St Petersburg on Monday, crude prices have risen some 6 percent on expectations of deepening cuts.

Saudi Arabia, OPEC`s de facto leader, said it planned to cap crude exports to 6.6 million bpd in August, about 1 million bpd below the level last year.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

Indian Railway Finance Corporation (IRFC) IPO Price Band, face value, Issue size, Bid lot - All EXPLAINED in brief

Budget Stock Picks With Anil Singhvi: This insurance company is market expert Sudip Bandyopadhyay’s top pick

RULES CHANGED! From today, you can't make a phone call without following this rule

PUBG Mobile India launch date: Rumours rage with this announcement; will the Battle Royale Game make comeback? Check latest report

Stocks in Focus on January 15: SAIL, Tata Steel Long Products, Bharti Airtel, Godrej Agrovet to Indiabulls Housing Finance; here are the 5 Newsmakers of the Day

SSC CHSL 2019 Tier I result likely today on ssc.nic.in | Here’s how you can check it

Stocks to buy with Anil Singhvi: Career Point and Cadila Healthcare, Here are Vikas Sethi’s top two picks for good returns

NIOS admit card 2021 for Class 10, 12 exams released on nios.ac.in| Download it in 5 quick steps

JNU reopen date: University allows access to campus to fourth year PhD students; 4th semester MSc and MCA students to be allowed on the premises from February 1

South star Vijay's 'Master' movie to get Hindi remake

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved