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Oil prices are losing its profit before Noel Holiday

Oil prices are losing its profit before Noel Holiday

The global oil markets have started to lose its profit before Noel holiday with balancing US stocks data in OPEC's contract for production shortages on the global markets.Oil has narrowed its gains to investors in the second week, with investors turning their attention to stabilizing US oil inventories on OPEC and other producers' production shortfalls. Oil futures contracts fell 0.7% in New York after rising about 1% on Thursday. Oil inventories in the US rose 2.26 million barrels last week, further boosting total inventories, which were at the highest level in over 30 years, according to the official data released Wednesday. After the OPEC decision at the last days of November, the oil prices are following over the 50 USD level for per barrel.

Date: 23 December 2016 Fri 08:05

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