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Crude on Earth Concerns Related to Excessive Supply

Crude on Earth Concerns Related to Excessive Supply

Gold Silver Reports → Crude on earth concerns related to excessive supply, but still ended the week up nearly 10% as the prospects of a potential output freeze from four top producers boosted prices from near 13-year lows.

On the New York Mercantile Exchange, WTI crude for April delivery wavered between $31.36 and $32.98 a barrel before settling at $31.74, down 1.20 or 3.69% on the day. Despite Friday’s decline, U.S. crude futures have surged by more than 16% since falling to $26.05 a barrel on February 11, their lowest level since 2003.

Brent crude oil for April delivery traded between $32.69 and $34.45 a barrel, before closing at $33.02, down 1.26 or 3.68% on the session. After dipping below $30 a barrel briefly last week, North Brent Sea futures have rallied more than 8%.

Meanwhile, the spread between the international and U.S. domestic benchmarks of crude stood at $1.28 at Friday’s close. → Neal Bhai Reports

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