10/6, 1:22 PM (Source: TeleTrader.com)
Crude extends losses on renewed oversupply worries
EPA / Ann Heisenfelt Crude extends losses on renewed oversupply worries
Oil prices continued to trade in the red on Friday, extending losses from earlier in the session as investors renewed their concerns of crude market oversupply. American benchmark WTI lost around 1% during European trading session while Brent shed over half a percent. Meanwhile, yet another tropical storm was heading towards the Gulf of Mexico threatening to halt the oil production in the region.
In the meantime, Russia and Saudi Arabia joined their efforts to help market stabilization, promising to extend the output cut deal beyond March 2018 if needed. In December 2016, OPEC members and other major oil producers led by Russia agreed to cap the global production of oil by as much as 1.8 million barrels per day in order to drive the prices lower. The pact was prolonged in June for another nine months in hopes to battle the oversupply that has been prevailing in the market for three years.
West Texas Intermediate for November delivery declined 1%, changing hands for $50.28 per barrel at 1:08 pm CET while international benchmark Brent for settlements in December fell 0.49% to sell for $56.71 per barrel at 1:10 pm CET.
TeleTrader Newsroom / VK
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