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Oil price sinks to five-month low of $48
  • Post by Admin on sunday, March 05, 2015

Global oil benchmark, Brent crude, struck a five-month low on Thursday as the United States' crude inventories showed a lower-than-expected decline amid growing compliance with a deal to limit production by the Organisation of Petroleum Exporting Countries and other producers.

Brent, against which half of the world's oil is priced, fell by $2.32 to $48.47 per barrel on Thursday as of 7:00pm Nigerian time, its lowest level since late November 2016. The US West Texas Intermediate benchmark dipped below $46 per barrel for the first time since late November.

The concern over rising global supply and stubbornly high inventories effectively wiped out most of the gains made since OPEC announced its first supply cut in eight years. OPEC on November 30, 2016 agreed on its first limit on oil output since 2008, a deal supported by some non-OPEC members, including Russia and Oman. They announced output cuts of 1.8 million barrels per day for the first six months of 2017.

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