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Oil Prices Sag to 5-Month Low
Oil futures slid to their lowest price since November on Thursday. Analysts say a rise in shale oil output in the U.S. is offsetting efforts by Middle East petroleum producers to curb production.
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Oil futures slid to their lowest price since November on Thursday. Analysts say a rise in shale oil output in the U.S. is offsetting efforts by Middle East petroleum producers to curb production.
Prices per barrel sank nearly 4% on Thursday to about $46 per barrel for the global standard (Brent crude) and $49 for the U.S. standard (West Texas crude).
The Organization of the Petroleum Exporting Countries and several other producers agree late last year to cut their output by about 1.8 million barrels per day in a bid to lower global inventories of crude. OPEC also appears likely to extend the cuts through at least June.
But the cartel’s effort hasn’t had a significant impact on oil prices. Analysts note that U.S. petroleum supply remains high. They fret that a dip in consumption could send prices lower.
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