Slightly lower oil prices



10/06/2017 10:57 | Number of readings: 132

Trend Press / Agencies


Oil prices tumbled on Friday after sharp losses earlier this week, weighed down by widespread evidence that fuel supplies remain opaque despite OPEC efforts to narrow the gap between supply and demand in the market.


Brent crude fell 20 cents to $ 47.66 a barrel, down about 12 percent from its opening on May 25 when OPEC agreed with some independent producers to extend production cuts by 1.8 million bpd by the end of March 2018. But global markets Still full of oil.


"The challenge for OPEC is bigger than anyone expected a few weeks ago," said Tamas Farga, an analyst at London-based brokerage BPM Oil.


US data showed a surprise rise in crude oil inventories of 3.3 million barrels to 513.2 million.

Inventories of refined products also increased despite the start of the peak summer season.

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