Oil prices hold near multi-month lows

 21 Jun 2017 - 12:20

Oil prices hold near multi-month lows
File Photo: Reuters.


Singapore: Oil prices held near multi-month lows on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut a global output.

Global benchmark Brent LCOc1 was unchanged at $46.02 barrel this morning after falling nearly 2% in the previous session to its lowest settlement since November.

US crude futures CLc1 for August were trading up 4 cents at $43.55, after spending much of the day slightly lower and falling more than 2% on Tuesday to the lowest since September.

Compliance with an agreement by the Organization of the Petroleum Exporting Countries and other producers to cut output by 1.8 million barrels per day (bpd) for six months from January reached its highest in May since curbs were agreed last year.

The American Petroleum Institute said on Tuesday US crude stockpiles had dropped more than forecast. US crude stocks fell last week, while gasoline and distillate inventories rose.