Oil futures ended lower Friday as investors returned their focus to a global glut of crude, but the U.S. benchmark hung on to a weekly gain as bulls looked for signs of a bottom.Brent oil LCOJ6, -3.38% the global oil benchmark, slid $1.27, or 3.7%, to end at $33.01 a barrel on London’s ICE Futures exchange, marking a 1.1% weekly decline. On the New York Mercantile Exchange, West Texas Intermediate futures CLH6, -3.41% , the U.S. benchmark, fell $1.13, or 3.7%, to $29.64 a barrel. The nearby contract posted a weekly gain of 0.7%.
Oil futures saw little movement after oil-services firm Baker Hughes said the number of U.S. rigs fell for a ninth straight week.
Oil saw choppy trading this week as investors weighed a proposed deal among major producers aimed at freezing production that appeared not to gain traction.
Four major oil producers—Russia, Saudi Arabia, Qatar and Venezuela—proposed a collective production freeze at the January levels. Iran, however, has refused to join, reiterating its plan to crank up output and regain lost market share after the international sanctions against Tehran were lifted in January. Saudi Arabia’s finance minister on Thursday said the country wasn’t prepared to cut production.
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