London — Oil prices slid on Friday, putting them on course for the biggest weekly falls since October, as a bounce-back in US production outweighed ongoing declines in crude inventories. Brent crude futures were at $68.70 a barrel at 9.49am GMT, down 61c from their last close. On Monday, they hit their highest since December 2014 at $70.37. US West Texas Intermediate (WTI) crude futures were at $63.38 a barrel, down 57c from their last settlement. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday. The International Energy Agency (IEA), in its monthly report, said that global oil stocks have tightened substantially, aided by oil cartel Opec cuts, demand growth and Venezuelan production hitting near 30-year lows. However, it warned that rapidly increasing production in the US could threaten market balancing. "Explosive growth in the US and substantial gains in Canada and Brazil will far outweigh potentially steep declines in Venezuela and Mexico," the IEA said of 2018 prod...
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.