Bullionguru’s, “Oil down as market stays well supplied despite OPEC cuts

 

Oil prices slipped on Thursday as the market remained well supplied with crude despite efforts by OPEC and other big exporters to curb production and support prices.

Brent crude was down 17 cents at $52.04 a barrel by 0837 GMT. U.S. crude oil was 16 cents lower at $48.91.

Both benchmarks rose on Wednesday after news of a drawdown in U.S. crude inventories and a dip in U.S. output. The U.S. Energy Information Administration said inventories fell 1.8 million barrels in the week to May 12 to 520.8 million barrels.

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