Safe haven commodity Oil futures extended losses from the prior session on Monday, as ongoing worries over the health of the global economy fueled concerns that a global supply glut may stick around for longer than anticipated. Pre crisis era is coming as global oil prices keep lower
As reported by investing On the ICE Futures Exchange in London, Brent oil for October delivery declined 63 cents, or 1.27%, to trade at $48.98 a barrel during European morning hours. On Friday, Brent futures tumbled $1.07, or 2.11%. Based on latest London-traded Brent futures lost 44 cents, or 0.88%, last week, amid fears of a China-led global economic slowdown. Also European debt crisis still gloomy
Unbalanced supply demand of oil brings the prices lower, Oil prices have been under heavy selling pressure in recent months amid concerns over a growing glut in world markets. Global economy recession reflects from the condition that Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the OPEC last year not to cut production. More political issues
Meanwhile, crude oil for delivery in October on the New York Mercantile Exchange turn 55 cents, or 1.19%, to trade at $45.50 a barrel. Nymex oil prices dropped 70 cents, or 1.5% on Friday. Not so significantly drop
According to New York mercantile exchange, Despite Friday's losses, New York-traded oil futures rose $1.05, or 1.84%, last week, amid indications U.S. oil drillers are cutting back on production following a collapse in prices over the summer.
Source : Investing
No comments:
Post a Comment