This Week’s Market Buzz
Published: Thursday, 02 June 2016 17:00
- Oil prices turned higher as investors weighed data showing a drop in U.S. crude supplies against the Organization of the Petroleum Exporting Countries’ decision not to freeze production. The U.S. data demonstrated how more than a year of low prices and spending cutbacks by oil companies are leading to shrinking supplies, helping reduce the oversupply of crude oil without intervention from OPEC. U.S. crude oil for July delivery recently rose 0.5 percent to $49.28 a barrel on the New York Mercantile Exchange after being down for most of the session. Brent, the global benchmark, rose 0.9 percent to $50.17 a barrel on ICE Futures Europe.
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