Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Clearly Monday was not particularly good news for oil companies. With futures settling below $90 per barrel, ($87.81 when Benchmark went to proofing) the industry is seeing the lowest prices since February.
Global rating agency Fitch reported that it expects oil prices to remain in the range of USD 50- 100 per barrel. Fitch said in a report: Companies whose margins are under threat from high crude oil and gas prices need to be prepared for crude oil prices to remain in the range of $50-100/barrel. For [...]
Get our independent commentary on oil trends and companies delivered to your inbox.
