LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • 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
Read in App
Business News » World News

U.S. oil prices open above $50 for first time since May, but headwinds persist

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Aug 01, 2017
11:39 am
Reuters

U.S. oil opened above $50 per barrel for the first time since late May on Tuesday, supported by strong fuel demand, but ongoing high supplies from producer club OPEC kept prices from rising further.

U.S. West Texas Intermediate (WTI) crude futures were at $50.26 per barrel at 0532 GMT, up 9 cents, or 0.2 percent, from their last close. That marks the first time U.S. crude has opened above $50 per barrel since May 25.

Brent crude futures, the international benchmark for oil prices, were trading up 6 cents, or 0.1 percent, at $52.78 per barrel.

"U.S. gasoline demand climbed to last year`s highs and U.S. inventories, notably on the East Coast, declined," said French bank BNP Paribas.

Overall U.S. commercial crude oil stocks have fallen by 10 percent from their late-March peaks to 483.4 million barrels, and seasonally adjusted they are now, for the first time this year, below 2016 levels.

"Fears of a supply overhang have receded after two strong (weekly) stock draws in a row in the U.S.," said Sukrit Vijayakar, director of energy consultancy Trifecta.

The American Petroleum Institute (API) is due to publish weekly data later on Tuesday.

Despite the lower U.S. inventories, there were also signs that global oil markets remained amply supplied, capping further price rises.

"Crude oil prices face multiple headwinds as OPEC struggles (to cut excess supply)," BNP said.

Oil output by the Organization of the Petroleum Exporting Countries (OPEC) has risen this month by 90,000 barrels per day (bpd) to a 2017-high of 33 million bpd, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal.

This comes despite a pledge by OPEC and other producers, including Russia, to cut output by 1.8 million bpd between January this year and March 2018.

(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

CBSE students' alert: BIG change! Board releases new assessment and evaluation practices—check details here

COVID-19: Oxygen to be sold on doctor's prescription only? Check this BIG decision by Yogi Adityanath govt

Shravan Rathod of Nadeem-Shravan fame DIES due to Covid 19-related complications

Credit card transactions decline by over 21 per cent in February amid Covid-19 impact

Covid-19 registration for 18 plus begins on THIS date; check how you can register on cowin.gov.in

Stocks to Watch With Anil Singhvi: Why Rallis India could help you mint money | EXPLAINED

Stocks in Focus on April 23: Indus Tower, Rallis, Lupin, Gland Pharma to Banks; here are the 5 Newsmakers of the Day

CBSE Board Exams 2021: Students DON'T MISS this BIG UPDATE on objective criterion and the new assessment and evaluation practices

Gold price today 23-04-2021: Expert suggests buying at around Rs 47650 for target of Rs 48200

Q4 earnings: Rallis India and Tata Elxsi share prices soar after result announcements; Cyient flat

  • 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