Oil is rallying as it rebounds from last week’s 10-month lows
|06/30/2017||Posted by BusinessMediaguide.Com under General World News||
LONDON — Oil continued to rally on Friday morning as a decline in US production eased concerns about a global oversupply.
WTI and Brent crude are both up 0.8% by mid-morning in London, reaching $45.30 and $48.02 per barrel respectively. Prices have recovered over 7% from last week’s 10-month lows.
The rally came after US crude production dropped by 100,000 barrels per day to 9.3 million last week. That represents the steepest weekly fall since July 2016.
Here’s how Brent looks at 10.20 a.m. BST (5.20 a.m. ET):And here’s US West Texas Intermediate read more >>>