Singapore — Oil prices dipped on Thursday on doubts producers would fully deliver on promises to cut output, although record US automobile sales and falling crude stocks offered markets some support. Brent crude futures, the international benchmark for oil prices, were trading at $56.28 per barrel at 1.50am GMT, down 18 cents from their last close. Traders said the decline came on the back of worries that plans by the oil cartel Opec and other leading producers to cut crude supply would be fully implemented. "There remains a question mark over whether Opec, with a long history of non-compliance, will actually follow through (with the cuts). Very few respondents expect full compliance," Singapore Exchange (SGX) said on Thursday, citing results from a survey of its participants. "Three quarters of those surveyed went for (crude) prices averaging within the current $50-$60/barrel range (for 2017)," SGX said. Reuters commodity analyst Wang Tao said that technical price trend indicators ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.