Crude oil futures dropped to 4-month lows on Tuesday, March 14, 2017. At 11:10 a.m. EST on Tuesday, the oil futures traded every bit depression every bit $47.09 - the lowest cost as well as then far inwards 2017.
Oil prices pigeon lower on Tuesday subsequently an
OPEC monthly report revealed that Saudi Arabian oil production inwards Feb had risen dorsum to a higher house 10 meg barrels per day. Downside pressure level on oil prices increased subsequently Kuwaiti oil minister, Issam Almarzooq, said prices could larn every bit depression every bit $45 due to rising shale oil production, according to a Bloomberg
report.
Almarzooq’s comments referred to the
Drilling Productivity Report released yesterday yesteryear the the U.S. of A. Energy Information Administration (EIA), which estimates that the U.S. of A. shale output volition ascent yesteryear 109 grand bpd to 4.962 meg barrels per twenty-four hours inwards Apr of this year.
Volatility inwards the oil markets is ready to spike 1 time again tomorrow, every bit marketplace position participants react to the the liberate EIA’s unsmooth oil inventories written report for the minute calendar week of March. The sudden turn down inwards the cost of oil this calendar month was triggered on March 8th, when EIA’s inventory written report showed a large buildup (8.2 million) of the U.S. of A. commercial
crude oil inventories for the calendar week ending March 3, 2017.
Since March viii - including today’s plunge to $47.09 - unsmooth oil futures convey dropped yesteryear unopen to $5.80 (-10.96%).
Oil Pump photograph yesteryear Paul Lowry
