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Sri Lanka Equity Forum » Stock Market News » Oil pulls back on worries about global crude glut

Oil pulls back on worries about global crude glut

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Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Oil pulls back on worries about global crude glut
Published: Nov 4, 2015 1:46 a.m. ET

Crude-oil prices pared earlier gains in early Asia trade Wednesday as worries about a swelling global glut overshadowed reports of oil-supply disruptions.

In the U.S., oil prices surged nearly 4% overnight on reports that some operations at the Colonial Pipeline, the nation’s largest refined-fuel pipeline, were halted. Supply disruptions were also reported in Brazil due to a strike by workers and in Libya as internal political strife there continues to escalate.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $47.75 a barrel at 0425 GMT, down $0.15 in the Globex electronic session. December Brent crude on London’s ICE Futures exchange fell $0.15 to $50.39 a barrel.

Excess oil supply has been a nagging issue in the already saturated market. Current oil prices are nearly down to the levels seen during the financial crisis period. Major oil producers, both members and nonmember of the Organization of the Petroleum Exporting Countries however, are unwilling trim down production for the sake of defending market shares. News of oil supply disruptions typically offer some hope that the glut might abate a little...................................................................

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