Oil Falls After Failed North Korean Missile Test, U.S. Rig Count Gains

Crude oil fell in quiet trading on Monday, after the three-day Easter break, on signs the United States is continuing to add output, undermining OPEC efforts to support prices, and as the market digested North Korea's failed missile launch on Sunday. Benchmark Brent crude futures were down 49 cents at $55.40 at 0310 GMT. On Thursday, before the break closed most major markets, they settled up 3 cents at $55.89 a barrel. U.S. West Texas Intermediate crude futures were also down 47 cents at $52.71 a barrel. They rose 7 cents to $53.18 on Thursday. 

Both benchmarks last week rose for a third consecutive week, with Brent adding 1.2 percent over the four days before the Good Friday holiday and WTI up 1.8 percent. The market was subdued to start this week with major trading center London closed for a holiday on Monday. Markets are braced for more geopolitical tensions over North Korea, after its attempted launch on Sunday of a ballistic missile failed as the projectile blew up almost immediately.

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