Oil Slips Ater 3 Day Rally WTI Crude Futures Slips 10%

 

Oil prices slipped in Friday’s trading session as traders withdrew the profits of 3 days' straight gains on the expectation that OPEC led supply cut that was initially supposed to be for the 1st half of the year, may be extended. Oil price for the front month Brent Crude Futures stoos at $52.83 per barrel, down 13 cents from the previous close.WTI Crude Futures slipped 10 cents at $50.25 per barrel.

Traders informed that there is growing sense that OPEC & non-OPEC oil producing country, Russia, may agree to continue their production cut to push oil prices higher.Despite this, doubt remains that the output cuts will run deep enough for world’s bloated market to tighten soon and significantly raise prices.   

 
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