Oil Prices Higher Despite US Output
Crude oil prices were mostly steady at the beginning of the week declined on Thursday following reports that crude production in the United States is nearing a two year high.
Oil prices were down last week due to market forecasts that crude oil output would slide on reports from the International Energy Agency of a weak demand for crude oil in the coming quarter as well as next year. Oil prices slipped to trade for as low as $55.70 per barrel on the West Texas Intermediate while Brent crude futures traded down by almost 2% at $62.12 per barrel which is slightly higher than previously recording a new low of $61.36 per barrel from the previous session.
Investors then have become more concerned on the sudden fall and recovery in the price of oil leading to oil stocks being sold on the outlook of the weather affecting the demand for crude oil along with the rise in the production of other countries. Despite these concerns, most crude oil prices remained mostly upbeat especially with the upcoming meeting of the OPEC held annually in Vienna comes to a close. The organization is expected to announce another extension of their agreement to cut oil production by the end of the meeting.
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