Brent crude futures were trading at $47.58 per barrel at 0041 GMT, down 43 cents, or 0.9 percent, from their last settlement. U.S. West Texas Intermediate futures were down 50 cents, or 1.1 percent, at $45.38 a barrel. Traders said the price falls on Monday and Friday were a result of increasing oil drilling activity in the United States, which indicated that producers can operate profitably around current levels.
Opec agrees to cut oil production, but analysts remain cautious of price sustainability
PETALING JAYA: Oil and gas (O&G) stocks on Bursa Malaysia finally showed signs of life, as investors cheered that the recovery in oil prices was finally beginning following the Organisation of the Petroleum Exporting Countries’ (Opec) agreement to cut production for the first time in eight years.
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