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Oil falls in European trade

2017-12-21 01:25 pm | Resource: NEWS | No Views : 279

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Oil futures settled during European trade on Thursday, where Brent opened the day at $ 63.90 a barrel, to rise during the Asian and European trading, to reach levels of $ 64.22, achieving daily marginal declines of 0.19%, as well as retreat US crude fell 0.14% to hit $ 57.97 a barrel in mid-European trade.

US crude oil finished up 0.6% in the second daily gain in a row, and Brent crude rose 1.1%, the third daily gain, respectively, with the interruption of supply of Fortis crude to the UK and the United States Energy Information Administration yesterday announced a decline The country's crude inventories were around 6.5 million barrels for the week ended Dec. 15, beating experts' expectations of a 3.6 million barrel drop, the fifth weekly decline in a row.

Earlier today, BP's chief executive said there was a limit to the role that US shale oil could play in the global market. "Traditional producers like Saudi Arabia will continue to have a greater impact on crude oil prices," said Bob Dudley in an interview. With the Financial Times not worried about the ability of US rock resources to cut oil prices after the market became more familiar with its geological nature.

US oil production is close to 10 million barrels a day, affecting OPEC-led efforts to limit supply. US crude production reached 9.79 million bpd last week, the highest level of the early 1970s. Energy Information Administration yesterday reported a decline in crude inventories in America 6.5 million barrels last week compared to expectations of a decline of 3.5 million barrels, and the United States currently ranked third in the list of the largest oil producing countries in the world, near the levels of production in Russia and Saudi Arabia, and is expected to continue to rise US oil production to new record levels in the coming period


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