Tue October 23, 2018
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
Must Read

Business

REUTERS
May 16, 2018

Share

Advertisement

Oil gains

New York : Oil prices rose as OPEC reported that the global oil glut has been virtually eliminated, while U.S. crude´s discount to global benchmark Brent widened to more than $7, its deepest in five months.

Global benchmark Brent gained $1.11 to settle at $78.23 a barrel.

West Texas Intermediate crude rose 26 cents to settle at $70.96.WTI´s discount to Brent was as much as $7.28, its widest since Dec. 12 on surging U.S. output.

U.S. shale production is expected to hit a record 7.18 million barrels per day (bpd), the Energy Information Administration said. The production growth may be far from over, contributing to U.S. crude´s discount to Brent, analysts said.

"You have the threat that a high enough price will start to activate the 7,700 drilled but uncompleted wells in the Lower 48 states," said Walter Zimmerman, chief technical analyst at ICAP TA.

Advertisement

Comments

Advertisement
Advertisement

Topstory

Opinion

Newspost

Editorial

National

World

Sports

Business

Karachi

Lahore

Islamabad

Peshawar