Posted on 07/20/2015 1:39:28 PM PDT by Lorianne
Investing.com -- WTI crude futures fell slightly on Friday plummeting to a four-month low, amid continuing fears of a glut of oversupply on the global energy markets.
On the New York Mercantile Exchange, WTI for August delivery traded in a tight range between $50.16 and $51.23 a barrel, before settling at $50.88, down 0.03 or 0.07%. Texas Long Sweet futures closed lower for the third straight trading day and the 11th time in 14 sessions. At one point, WTI crude futures fell to its lowest level since April 6 when it dipped below $50 a barrel.
On the Intercontinental Exchange (ICE), brent crude for September delivery wavered between $56.41 and $57.34, before closing at $57.09 a barrel, up 0.17 or 0.30%. The spread between the international and U.S. benchmarks of crude stood at $6.21, above Thursday's level of $6.04.
Oil services firm Baker Hughes (NYSE:BHI) said in its weekly rig count on Friday that U.S. oil rigs last week declined by seven to 638. A week earlier, the rig count edged up by five to 645, marking the second consecutive week of weekly builds. At the end of June, the U.S. oil rig count fell mildly to halt a 29-week streak of weekly draws. Over the last 52-weeks, the count is still down by more than 900 rigs after peaking above 1,550.
The rig count has carried less weight among industry observers in recent months, as U.S. shale producers find ways to drill more effectively while taking less efficient rigs offline.
On Wednesday, the U.S. Energy Information Administration (EIA) said in its weekly Petroleum Status Report that crude inventories fell by 4.3 million barrels for the week ending on July 10.
(Excerpt) Read more at investing.com ...
An “oversupply” of oil. Can’t be true; they’re lying. I read twenty years ago that we would have run out of oil by now.
And yet, the price at the pumps continues to go up...
Twenty cents in one day last week.
Why aren’t prices at the pump dropping in the same manner?
I have heard the ridiculous argument that cheap gasoline prices for the consumer is bad for the nation’s economy. But, anyone who understands economics must know the more money in consumer pockets the better the overall economy becomes. Drop the doggone pump prices.
I haven’t been out joy riding on a Sunday afternoon in a long time because of gas prices. I’m ready!!!
You must be in kalifornia because I paid 2.30 on Friday and it was 2.29 today. Diesel is lower than gasoline for the first time in years and years.
I think the “out of oil” thesis has been propounded for a century or more.
Those darn frackers are the latest to mess it up, LOL.
Not here in the midwest, it’s dropping along with crude prices.
2.25 per gallon for the 87 octane E10.
Minnesota.
$2.79 - $2.89 in the south Twin Cities suburbs.
Just the colder version of kalifornia.. minnesotastan?
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