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Caspian Energy Journal Caspian European Club
Thursday, 20 December 2018 17:00

Oil prices resume fall

Oil prices resume fall

Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy, Caspian Energy News (www.caspianenergy.net) reports with reference to Reuters.

The front-month U.S. crude contract had dropped $1, or 2.08 percent, to $47.17 per barrel, offseting gains of 96 cents chalked up on Wednesday.

International benchmark Brent crude futures were down $1, or 1.75 percent, at $56.24 per barrel, after climbing almost 2 percent the session before.

The Organization of the Petroleum Exporting Countries and other oil producers including Russia agreed this month to curb output by 1.2 million barrels per day (bpd) in an attempt to drain tanks and boost prices.

More details: https://www.reuters.com/article/us-global-oil/oil-prices-resume-drop-shed-most-of-last-sessions-gains-idUSKCN1OJ06A

Person in charge of the newsline: Olga Nagiyeva 

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