Reported 7 months ago
Oil prices declined, ending a weekly gain, influenced by a risk-off tone in financial markets and increased global supply indications. Brent dropped to around $82 a barrel while West Texas Intermediate was close to $78, with regional stock market declines putting pressure on oil prices. Despite concerns over demand and rising US supply, tight supplies are indicated by a bullish timespread structure. The International Energy Agency warned of a significant surplus this decade, leading to a backlash from OPEC.
Source: YAHOO