Oil prices eased back on Friday as investors stepped in to take some
profits, with Brent fighting to stay $50 and U.S. crude prices hovering
atop $48.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.06% traded flat at $48.21 a barrel. October Brent crude LCOV6, -0.31% on London’s ICE Futures exchange fell $0.23, or 0.4%, to $50.68 a barrel. Both benchmarks have gained around 8% on the week.
Upbeat prospects of a rebalance which flipped oil into a bull market Thursday night, was stoked by drawdowns in the U.S. crude and gasoline stocks, declining production in China and Latin America, and recent indications that major producers in and outside of the Organization of the Petroleum Exporting Countries could take steps to stabilize prices.
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On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.06% traded flat at $48.21 a barrel. October Brent crude LCOV6, -0.31% on London’s ICE Futures exchange fell $0.23, or 0.4%, to $50.68 a barrel. Both benchmarks have gained around 8% on the week.
Upbeat prospects of a rebalance which flipped oil into a bull market Thursday night, was stoked by drawdowns in the U.S. crude and gasoline stocks, declining production in China and Latin America, and recent indications that major producers in and outside of the Organization of the Petroleum Exporting Countries could take steps to stabilize prices.
Click here for Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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