Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

U.S. crude slumps below $50 after stocks build

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Reuters
March 9, 2017

Oil prices fell on Thursday, extending the biggest falls this year as record U.S. crude inventories kept sentiment weak, pointing to a global glut despite supply cuts.

Crude oil stocks in the United States, the world’s top oil consumer, surged last week to 528.4 million barrels, an all-time high and up 8.2 million barrels in a week, well above forecasts of a 2 million barrel build. [EIA/S]

The surge in U.S. inventories came despite an agreement by the Organization of the Petroleum Exporting Countries and other exporters to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017.

“U.S. oil stockpiles have gained around 50 million barrels since the start of the year, raising some doubts over the effectiveness of OPEC cuts,” said Hamza Khan, head of commodities strategy at ING Bank in Amsterdam.

Read more

This article was posted: Thursday, March 9, 2017 at 8:34 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Can Marine Le Pen Win? See the rest on the Alex Jones YouTube channel.

Video: Mike Cernovich Full Interview In Studio See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/Ht7mYDOOb10 https://www.youtube.com/embed/SI4-LoRFMIU

© 2017 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.