Crude oil benchmarks prices change a little on Friday, ending the week with a decline
May Brent futures were 6 cents or 0.09 % up, at 63. 89 on Friday morning. At the end of ICE Futures trading session on Thursday evening, the contracts price went down by 9 cents or 1.39 %, to $63.83 a barrel. Brent lost 4.7%. in price for week ending March 2.
April WTI futures were 5 cents or 0.08% up, at 60.94 on Friday morning. The contract price went down by 65 cents or 1.05%, to $ 60.99 a barrel at the end of NYMEX online trading session on Tuesday evening. WTI lost 4% in price for week ending March 2. п
Oil prices were mostly pressured by the US EIA report on a weekly rise in U.S. crude supplies and production by 13 million barrels per day (bpd), up 10.283 bpd
“Concerns are rising that surging U.S. oil production alone, may cause the global market to shift from a roughly balanced dynamic to a surplus,” Tyler Richey, co-editor of the Sevens Report, told MarketWatch. “At the current pace, U.S. oil production will rise to more than 13 million barrels a day by the end of 2018,” said Richey.
“An increase of that size will overwhelm the only modest demand growth that is expected globally, which would very likely lead to the second major oil bear market in just the last five years,” said Tyler Richey