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

Oil struggles to recover from OPEC-led deal disappointment

Published 26/05/2017, 13:31
Updated 26/05/2017, 13:31
© Reuters.

© Reuters.

Investing.com - Oil seesawed Friday as it struggled to recover from a slump overnight as an OPEC-led deal on extending output cuts disappointed.
U.S. crude was off 32 cents, or 0.65%, at $48.58 at 08:00 ET. Brent shed 37 cents, or 0.72%, to $51.09.
The market had already priced in the nine-month extension to output cuts to March of next year agreed Thursday by OPEC and non-OPEC producers.
The scale back remains at the 1.8 million barrels a day agreed for the first half of this year.
Investors are questioning to what extent the deal will encourage a further rise in U.S. shale activity and what happens after the deal expires next year.
U.S. production has increased by over 10% since mid-2016 to some 9.3 million barrels a day.
Baker Hughes rig count data are due out later in the session.

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.