Oil Update: US Crude drops 14 percent, closing at $46.04 as market continues to remain oversupplied

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MG News | July 01, 2017 at 12:12 PM GMT+05:00

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Oil prices climbed for a seventh straight session on Friday, but still posted their worst first-half performance since 1998.

Oil prices climbed for a seventh straight session in thin trading on Friday, posting their longest bull run since April, but still turned in their worst first-half performance since 1998.

U.S. crude futures ended Friday's session $1.11 higher, up 2.5 percent, at $46.04 a barrel, having added 7 percent this week. Benchmark Brent climbed 48 cents to $47.90 a barrel by 2:38 p.m. ET (1838 GMT) and has gained 5 percent this week.

Crude hit a 10-month low last week as rises in output revived concerns about global oversupply. But data this week showing a temporary dip in U.S. oil production has dented the bearish sentiment.

U.S. crude output dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016.

The oil market shrugged off news that production from Libya, one of two OPEC members exempt from the group's supply deal, had soared above 1 million barrels per day (bpd).

The U.S. dollar fell to its lowest since October in early trading on Friday, giving investors an incentive to buy dollar-denominated commodities such as crude oil.

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307.74M
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-479.52
KSE30 41,373.68
101.15M
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KMI30 191,069.98
82.45M
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KMIALLSHR 55,738.07
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BKTi 38,489.75
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Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,300.00 120,695.00
116,090.00
-2935.00
-2.44%
BRENT CRUDE 68.84 69.41
68.60
-0.37
-0.53%
RICHARDS BAY COAL MONTHLY 96.50 96.50
96.50
0.50
0.52%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.25
-2.05
-1.92%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.52 67.13
66.27
-0.46
-0.69%
SUGAR #11 WORLD 16.60 16.61
16.25
0.30
1.84%

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