TELETRADER News
6/9/2016, 12:00 PM (Source: TeleTrader)
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Oil slides after Wednesday's rally

The rally in oil prices lost pace on Thursday despite the weaker U.S. dollar and latest report from the U.S. Energy Information Administration (EIA), which said crude inventories fell 3.23 million barrels to 532.5 million barrels in the week ending June 3.

West Texas Intermediate was 0.97% lower at $50.99 a barrel at ICE Europe by 11:49 a.m. CET, after gaining 5.22% for the week.

Premium global blend Brent was 1.08% lower at $52.13 a barrel at ICE Europe by 11:48 a.m. CET, adding 5.57% for the week.

The Organization of the Petroleum Exporting Countries (OPEC) reported the daily basket price of 13 crudes at $47.76 a barrel on Wednesday, compared with $46.63 a barrel on Tuesday.

Oil prices were at their 2016 highs on Thursday, with both international benchmarks above $50 a barrel. The prices at 8 month highs were reached with increased demand from China, where the economic activity has not slowed as much as previously thought. Imports rose nearly 40% from May 2015.

Natural gas in the U.S. fell 1.48%, and gasoil was down 1.23%.

Baha Breaking News (BBN) / ZR