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Oil prices eased to near 11-1/2-year lows on Friday, erasing earlier gains, pressured by persistent global oversupply and a bleak demand outlook.
Prices were up in early trading after Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes earlier this week.
Oil prices plunged to 12-year lows on Thursday after China allowed its yuan currency to slip, sending stock markets tumbling globally. Beijing then suspended equities trading as the sharp falls triggered the circuit-breaking mechanism for a second time since its introduction this week.
Brent fell by 16 cents to $33.57 a barrel by 1501 GMT, near a low of $33.26 reached in June 2004. U.S. West Texas Intermediate (WTI) was down 22 cents at $33.06 a barrel.
ABN Amro on Friday cut its 2016 Brent and WTI price forecast to $50 per barrel from its prior view of $65 and $60, respectively.
Average U.S. oil rigs fell by 46 in December to 714 compared with November, Baker Hughes INC said on Friday. The worldwide rig count for December fell by 78 to 1,969.
The U.S. Energy Information Administration said last month that production in 2016 would fall by 570,000 barrels per day (bpd) to 8.76 million bpd, an upward revision from its 520,000 bpd forecast in November.
For more information ✆ – 0731-6642300 or Visit http://ift.tt/1k8NnLH
Prices were up in early trading after Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes earlier this week.
Oil prices plunged to 12-year lows on Thursday after China allowed its yuan currency to slip, sending stock markets tumbling globally. Beijing then suspended equities trading as the sharp falls triggered the circuit-breaking mechanism for a second time since its introduction this week.
Brent fell by 16 cents to $33.57 a barrel by 1501 GMT, near a low of $33.26 reached in June 2004. U.S. West Texas Intermediate (WTI) was down 22 cents at $33.06 a barrel.
ABN Amro on Friday cut its 2016 Brent and WTI price forecast to $50 per barrel from its prior view of $65 and $60, respectively.
Average U.S. oil rigs fell by 46 in December to 714 compared with November, Baker Hughes INC said on Friday. The worldwide rig count for December fell by 78 to 1,969.
The U.S. Energy Information Administration said last month that production in 2016 would fall by 570,000 barrels per day (bpd) to 8.76 million bpd, an upward revision from its 520,000 bpd forecast in November.
For more information ✆ – 0731-6642300 or Visit http://ift.tt/1k8NnLH
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