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23-Jun2017

Crude futures snap three days losing streak

Crude oil futures got some relief and snapped their three days losing streak on Thursday. Though, the crude managed to pare some of the losses of last couple of sessions but sentiment remained bearish as investors continue to fret about rising global stockpiles. OPEC members are in talks about making further cuts in oil production, according to Iran's oil minister. In May, Opec and non-Opec members agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year.

Benchmark crude oil futures for July delivery ended up by $0.21 or 0.5 percent to $42.74 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended up by 1.03 percent to $45.27 on the ICE.


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