Scroll to Top

Crude oil prices firm, set for biggest weekly gain since mid-May

By dailymail / Published on Friday, 30 Jun 2017 02:10 AM / No Comments


On Thursday, about 6 million barrels of North Sea Brent crude were being stored on ships, down from four-month highs of as many as 9 million last week, and trading sources said it seemed now refineries were starting to take in more cargoes.

In recent weeks, funds have been unloading long speculative positions, reducing bets on higher prices, while brokerages including Goldman Sachs and Societe Generale have cut their 2017 forecasts for crude prices.

SocGen on Thursday estimated U.S. crude futures would average $47.50 a barrel in the third quarter, down from previous expectations for $55.

Global oil supplies remain ample despite output cuts of 1.8 million bpd by the Organization of the Petroleum Exporting Countries and other producers since January.