Oil Prices Dip As Oversupply Concerns Linger

One America News Network | 3/24/2016 | Staff
Frost123 (Posted by) Level 3
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SINGAPORE (Reuters) – Oil prices dipped on Friday as ongoing concerns about oversupply outweighed an OPEC-led production cut and strong refinery activity.

Brent crude futures , the international benchmark for oil, were at $54.85 per barrel at 0109 GMT, down 4 cents from their last close.

US - West - Texas - Intermediate - WTI

U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $51.69 a barrel.

Traders said that despite a recent uptick in sentiment, which this week helped prices reach a one-month high, there was still concern that markets remained oversupplied, even with efforts led by the Organization of Petroleum Exporting Countries (OPEC) to cut supplies to prop up prices.

Oil - Trading - Data - Thomson - Reuters

Oil trading data in Thomson Reuters Eikon shows that globally shipped crude volumes stood at 1.4 billion barrels in March (around 45.6 million bpd), up from 1.1 billion barrels in February, although on a daily basis the figure was similar to February’s 45.5 million...
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