Oil Hovers Near Seven-Month Low on Surplus Stocks

Data shows the market remains awash in surplus oil

Crude Oil: $44.73 barrel, Natural gas: $2.933/MMBtu, Gold:$ 1272.80 per troy oz


Crude futures stabilized on Thursday, after tumbling earlier in the week, with investor sentiment battered by data showing that the market remains awash in surplus oil.

Brent crude, the global oil benchmark, edged up 0.1% to $47.04 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.1% at $44.71 a barrel.

Oil markets tanked by nearly 4% on… Read more.

Resource: WSJ

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