Oil Holds Near Four-Month Low, Pressuring OPEC

2_39664500 - 28_08_2016 - OIL REFINERIES

As U.S. has increased production, cartel’s cuts have been largely ineffective

Crude Oil: $47.70 per barrel, Natural gas: $3.051/MMBtu, Gold:$ 1246.90 per troy oz.


Global crude futures ticked higher Friday, holding above a four-month low, but gains were capped by growing concerns that OPEC’s pledge to reduce global inventories was encouraging the U.S. to boost production.

Brent crude, the global oil benchmark, rose 0.6% to $50.94 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.3% at $48.03 a barrel. Read more. 

Resource: WSJ

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