Oil prices slumped in early Asia on Monday as the supply outlook
remains robust despite a sustained drop in prices of more than 50% in
the past six months.
On the New York Mercantile Exchange, crude oil for delivery in February eased 0.78% at $48.75 a barrel.
Last week, oil prices rallied sharply on Friday, as bullish comments made by the International Energy Agency helped ease concerns over a glut in global supplies.
For the week, New York-traded oil futures inched up 33 cents, or 0.67%, the first weekly gain in eight weeks.
Elsewhere, on the ICE Futures Exchange in London, Brent for March delivery jumped $1.90, or 3.94%, to settle at $50.17 a barrel on Friday.
The International Energy Agency cut its forecast for the increase in non-OPEC oil supply this year by 350,000 barrels a day, amid indications lower prices had begun to curb output in some areas, including North America.
Read more Click Here / www.trade4x.net
On the New York Mercantile Exchange, crude oil for delivery in February eased 0.78% at $48.75 a barrel.
Last week, oil prices rallied sharply on Friday, as bullish comments made by the International Energy Agency helped ease concerns over a glut in global supplies.
For the week, New York-traded oil futures inched up 33 cents, or 0.67%, the first weekly gain in eight weeks.
Elsewhere, on the ICE Futures Exchange in London, Brent for March delivery jumped $1.90, or 3.94%, to settle at $50.17 a barrel on Friday.
The International Energy Agency cut its forecast for the increase in non-OPEC oil supply this year by 350,000 barrels a day, amid indications lower prices had begun to curb output in some areas, including North America.
Read more Click Here / www.trade4x.net
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