Showing posts with the label CNBC Energy.

Oil Prices Drop as OPEC Output Cut Extension Disappoints the Market: CNBC Energy - May 25, 2017

Image Matt Clinch, Tom DiChristopher Oil prices fell to fresh session lows on Thursday as disappointment over OPEC's production policy set in among investors, who had hoped the cartel might reduce output even further to drain a global glut that has depressed the market for almost three years. Delegates signaled the oil producer group had agreed to extend cuts in production by nine months to March 2018 ahead of an official statement. Brent crude oil plunged $1.59, or 3 percent, to $52.37 a barrel by 11:41 a.m. ET (1541 GMT). U.S. West Texas Intermediate (WTI) crude futures were down $1.64 at $49.72. The S&P 500 energy secto r was also trading down 1.2 percent for its worst day since May 4. OPEC ministers are gathered in Vienna to decide how long to extend a deal with other major exporters, including Russia, to remove 1.8 million barrels a day from the market. Delegates on Thursday said non-OPEC producers would join OPEC in exten

CNBC Energy: U.S. Crude Oil Settles at $52.12 up 22 Cents as Supply Outlook Remains Unclear