Oil
Brent oil sees price below $53 on Friday
-Brent crude oil price fell by 0.08% to $52.95 while U.S. WTI dropped by 0.20% to $50.66 at 11.18 GMT on Friday

International benchmark Brent crude oil fell by 0.08% to $52.95 while U.S. WTI dropped by 0.20% to $50.66 at 11.18 GMT on Friday.

Brent crude oil price started Monday with a fall of 0.57 percent to $55.47 while U.S. WTI declined by 0.79 percent to $52.76 at 06.56 GMT on Monday.

U.S. gasoline inventories increased last week, according to the Energy Information Administration (EIA) on Wednesday, and pushed oil prices to their lowest level for the last two and a half months.

Gasoline stocks rose by 1.5 million barrels, or 0.7 percent, to reach 237.7 million barrels for the week ending April 14, the EIA said. The market expectation for gasoline inventories was a decline of 1.9 million barrels last week.

Additionally, on Monday Brent oil tumbled to as low as $55.31.

On Wednesday, American benchmark West Texas Intermediate slumped to as low as $50.09 per barrel, while international benchmark Brent crude plummeted to $52.58 a barrel.

Meanwhile, the U.S.' crude oil production rose for the ninth consecutive week.

Oil prices saw drop on Friday because of doubts that the OPEC-led production cut would rebalance on an oversupplied oil market.

By Gulsen Cagatay

Anadolu Agency

gulsen.cagatay@aa.com.tr

 

 

 

 

21 Apr,2017
OIL NEWS