Crude sits close to half-year minimums

Crude sits close to half-year minimums

On Friday, crude prices kept to six-month minimums, held down by an everlasting supply overhang, persisting notwithstanding an OPEC-led effort to reduce output and also prop up crude markets.

Brent crude futures hit $46.97 a barrel, moderately higher than their previous settlement.

American West Texas Intermediate crude futures gained too, demonstrating $44.48 per barrel.

However, prices for both benchmarks have lost approximately 13% since late May, when producers led by the OPEC dared to extend a promise to reduce output by nearly 1.8 million barrels a day until the end of the first quarter of next year.

Soaring American crude output, especially from shale drillers, is actually contributing to the overall ineffectiveness of the OPEC-led drops.

Besides this, high exports as well as production from Russia are adding to the everlasting glut too.

Russia is supposed to export up to 61.2 million tons of crude via pipelines during the third quarter versus 60.5 million tons in the second quarter.

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