The latest report come amidst new signs that the Organization of the Petroleum Exporting Countries (OPEC) will continue to value market share over prices, which in turn outweighed expectations of a lift when the United States kept interest rates at historic lows.
US West Texas Intermediate crude futures were trading at US$46.74 per barrel, down 16 cents from their last settlement. Brent prices were at US$49.12 per barrel, up four cents.
Kuwait, a key OPEC producer said on Thursday that the oil market would balance itself, but that this would take time, a clear signal in support for the group’s policy of defending market share despite falling prices.
Readers Bureau, Contributor
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