Oil News

OPEC is still implementing a series of supply cuts announced last year

Oil dips slightly on recession fears and demand slump, but still above $60

OPEC is still implementing a series of supply cuts announced last year

Crude oil fell in New York, snapping three days of gains, after the Federal Reserve predicted a deeper recession in the U.S. and a refinery resumed operations after a fire. Fighting between Nigerian troops and the militant group Movement for the Emancipation of the Niger Delta erupted on May 13. Nigeria produces low-sulfur oil, prized by U.S. refiners because of the proportion of high-value gasoline it yields. The Organization of Petroleum Exporting Countries is unlikely to reduce output further when it meets on May 28, a member of Kuwait’s Supreme Petroleum Council was cited as saying. OPEC is still implementing a series of supply cuts announced last year. Crude Oil is trading at $61.60 as of 9:15am, London Time. Crude’s Pool-Position is 81% Long, meaning that most Finotec traders are buying the Commodity.