Inventories curb recovery in oil prices from four-month lows
Brent remains below this year’s high above $58, reached after January 1 when the deal between the Opec and non-Opec states to curb supplies came into effect
London — Oil prices dipped on Thursday, struggling to recover from four-month lows because of investor concerns that Opec-led supply cuts were not yet reducing record US crude inventories. Benchmark Brent crude oil was trading at $50.31 a barrel by 2.30pm GMT, down 33 cents on the day and hovering above Wednesday’s slide to $49.71, its lowest level since November 30 when the Organization of the Petroleum Exporting Countries (Opec) announced plans to cut output. US light crude slipped 39 cents to $47.65. Brent remains well below this year’s high above $58, reached shortly after January 1 when the deal between the Opec and non-Opec states to curb supplies by 1.8-million barrels per day came into effect. Opec has broadly met its commitments to reduce output, but non-Opec producers have yet to fully deliver on pledged cuts and US shale oil producers have been pumping more oil after crude prices recovered from last year’s drop below $30. "Headwinds from rising production and compliance i...
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