Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Oil steadies but supply glut continues to overhang the market

Published 21/06/2017, 13:58
Updated 21/06/2017, 13:58
© Reuters.

© Reuters.

Investing.com - Oil steadied near multi-month lows Wednesday as supply glut concerns continued to overhang the market.
U.S. crude was up 13 cents, or 0.30%, at $43.64 at 08:00 ET. Brent added 13 cents, or 0.28%, to $46.15.
Oil remained under pressure despite compliance levels with agreed supply cuts remaining high.
OPEC and non-OPEC producers have agreed to curb output by 1.8 million barrels a day.
The accord was extended in May for a further nine months to March of next year.
Inventories remain high despite the cuts.
The American Petroleum Institute Tuesday reported a bigger-than-expected fall U.S. crude stocks of 2.72 million barrels in the latest week.
The Energy Information Administration is due to release official inventories later in the session.
The EIA is expected to report a fall in U.S. crude stocks of 2.1 million barrels.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.