Thursday, January 28, 2021
Home Business Oil prices take a plunge amid ample crude supplies

Oil prices take a plunge amid ample crude supplies

West_Texas_Pumpjack

New York: Oil prices plunged as the market expected crude production from the Organisation of Petroleum Exporting Countries (OPEC) to hit a high in July.

In June, OPEC production increased by 283,000 barrels per day to 31.38 million barrels per day, a three-year high, according to OPEC monthly oil market report on Monday.

Traders also anticipated more Iran crude would come to the already well-supplied oil market as the sanctions are lifted, reported a Chinese media outlet.

US oil companies added more oil rigs this week despite the collapse in crude prices, marking the second straight week of an up-tick in the rig count.

Data showed a weekly rise of five in the number of active US oil drilling rigs to 664, according to oil services company Baker Hughes’ Friday report.

The west Texas intermediate for September delivery moved down $1.95 to settle at $45.17 a barrel on the New York Mercantile Exchange.

Brent crude for September delivery decreased $2.69 to close at $49.52 a barrel on the London ICE Future Exchange.

(IANS)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Microsoft’s Remote Learning Products Gain Popularity

Driven by video conferencing platform Teams, more than 200 million students and educators worldwide now rely on Microsoft education products for remote learning, Microsoft...

This Report States That 1 In 2 Indians Are Afraid Of Online Dating

Most Indians feel secure while ordering food online but close to half of those surveyed were afraid of their online activities when it comes...

La Fuori Introduces Its Organic Slow Fashion In India

"Choosing a garment means deciding the identity of our future dreams, in connection with the world and the people who inhabit it," says Vidur...

Myeloid-Derived Suppressor Cells Ups Covid Infection Risk

Researchers have found that patients with severe Covid-19 have significantly elevated levels of a certain type of immune cells in their blood, called myeloid-derived...

Adults Feel Competent By Posting Photos On Facebook

Older adults who post more pictures on Facebook may feel more competent and that may lead to significantly higher levels of well-being in general,...

5 ways to ensure financial stability in the future

Introduction COVID-19 and the spread of the pandemic have had a huge impact on the national economies of most nations of the world. Among the...

Neonatal antibiotic leads to reduced growth in boys

Exposure to antibiotics in the initial days of life is associated with reduced weight and height in boys, a new study suggests. The study, published...

Daler Mehndi: In 26 years music industry has gone mad

Singer Daler Mehndi has been in the music industry for over two decades now and he says he has seen the industry in all...

Recent Comments