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Oil hits six-week low as Opec fails to curb oversupply

Crude prices have fallen about 12 per cent since May 25

Reuters  |  London 

Oil prices dropped to six-week lows on Thursday, under pressure from high global inventories and doubts about OPEC's ability to implement agreed production cuts. Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows, before recovering a little to trade around $46.90 by 0945 GMT. US light crude was down15 cents at $44.58, also not far off six-month lows. Both crude benchmarks have lost all the gains made at the end of last year after the Organization of the Petroleum Exporting Countries (OPEC) agreed with other big ...

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First Published: Thu, June 15 2017. 16:16 IST
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