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Oil prices dipped as rising US drilling offset OPEC-led output cuts of about 1.8 million bpd. Brent was near $55.16 a barrel and WTI near $52.44, both down from January peaks.
The Brent premium over WTI widened to over $2.7 a barrel.
Rising US shale output limits the upside from OPEC cuts, which weighs on crude and diesel costs for feed transport and processing. A wider Brent-WTI spread points to a tighter global market than in the US.
thehindubusinessline.comThe HinduBusinessLineJan 31, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
