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Global oil benchmark, Brent crude, fell by to a two-month low on Friday after the United States government reported a weekly crude draw within analysts’ forecasts, disappointing market bulls who had expected larger declines.
Brent, against which half of the world’s oil is priced, was down by $2.65 to $46.70 per barrel as of 9:50am Nigerian time, according to a data mined from the Bloomberg.
US West Texas Intermediate crude fell by $2.28 to $45.15 per barrel. It earlier hit a two-month low at $44.87.
The Brent was priced $46.27, the lowest since May 11, according to Reuters.
The Energy Information Administration, the statistical arm of the US Energy Department, said crude stockpiles fell by 2.2 million barrels for the week ended July 1, drawing for a seventh week in a row.
Oil prices have risen by more than 70 per cent from 12-year lows of around $27 for Brent and $26 for US crude in the first quarter, driven by unexpected crude supply outages from Nigeria to Canada.
Fears of economic turmoil after Britain’s exit from the European Union are among factors hanging over global markets. German industrial output plunged unexpectedly in May for its steepest monthly drop since August 2014.
Brent, against which half of the world’s oil is priced, was down by $2.65 to $46.70 per barrel as of 9:50am Nigerian time, according to a data mined from the Bloomberg.
US West Texas Intermediate crude fell by $2.28 to $45.15 per barrel. It earlier hit a two-month low at $44.87.
The Brent was priced $46.27, the lowest since May 11, according to Reuters.
The Energy Information Administration, the statistical arm of the US Energy Department, said crude stockpiles fell by 2.2 million barrels for the week ended July 1, drawing for a seventh week in a row.
Oil prices have risen by more than 70 per cent from 12-year lows of around $27 for Brent and $26 for US crude in the first quarter, driven by unexpected crude supply outages from Nigeria to Canada.
Fears of economic turmoil after Britain’s exit from the European Union are among factors hanging over global markets. German industrial output plunged unexpectedly in May for its steepest monthly drop since August 2014.
