SINGAPORE: Oil futures dipped in Asian trade Monday on niggling worries about oversupply; with Brent crude trading under $50 a barrel after key oil brokerages reduced their cost forecasts more over the weekend.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $47.73 a barrel at 0305 GMT, down $0.63 in the Globex electronic session. It lost 8.2% last week.
Brent crude for February delivery on London’s ICE Futures exchange fell $0.76 to $49.35 a barrel, after losing 11.2% last week. Oil prices have fallen for seven weeks in a row and Brent crude—the global oil benchmark—is down 57% from June 2014.
Oil markets opened this week on a bearish note, offsetting last week’s strong U.S. jobs data and reports of an explosion and fire at a U.S. refinery operated by Canadian oil firm Husky Energy Inc. on Saturday.
Over the weekend, Goldman Sachs and Société Générale joined the list of brokerages to make further cuts to their oil-price forecasts. Market participants have struggled to pin down a floor price for oil after Saudi Arabia declined in November to support prices by cutting its exports.
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