P
ProfRem
Guest
Oil edged up to about $49 a barrel on Monday after fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts.
A sharp drop in U.S. crude inventories in the week to July 7 supported prices last week but crude stocks in industrialised nations remained high, putting a brake on the oil price rally.
A major dropped in the global market may aftect implementation of the Nigeria’s 2017 oil benchmark price pegged at $44.50 per barrel.
Brent crude LCOc1, the global benchmark, was up 8 cents at $48.99 a barrel by 1341 GMT. U.S. crude CLc1 traded at $46.57, up 3 cents.
In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. OPEC is hoping higher demand in the second half will get rid of excess inventories.
A sharp drop in U.S. crude inventories in the week to July 7 supported prices last week but crude stocks in industrialised nations remained high, putting a brake on the oil price rally.
A major dropped in the global market may aftect implementation of the Nigeria’s 2017 oil benchmark price pegged at $44.50 per barrel.
Brent crude LCOc1, the global benchmark, was up 8 cents at $48.99 a barrel by 1341 GMT. U.S. crude CLc1 traded at $46.57, up 3 cents.
In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. OPEC is hoping higher demand in the second half will get rid of excess inventories.
