Oil prices drop is limited by strong demand

Markets 7/17/2017, 6:04 AM
Oil prices drop is limited by strong demand

Oil prices held their previous week's gains, remaining above $46 per barrel, even though it dropped slightly for the day as the optimistic demand outlook was overshadowed by an increase in US crude rigs.

US drillers for crude added two rigs last week, the smallest increase since May. While oil advanced last week, prices in New York are still below $50 a barrel on concerns expanded global supplies will offset OPEC output curbs.

US West Texas Intermediate for August delivery shed 0.04%, to go for $46.65 per barrel at 5:45 am CET. International benchmark Brent for settlements in September edged 0.01% lower, at $49.02 per barrel at 5:49 am CET.

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Brent Crude (...-0.09%

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F WBS-0.20%

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