Home / oil price / Oil hits $50 to trade at 3-week highNaija247news quoting : MarketWatch

Oil hits $50 to trade at 3-week highNaija247news quoting : MarketWatch

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“Rising U.S. oil output remains the key downside risk to oil prices over the next year,” said Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia.
Oil prices rose Thursday, with West Texas Intermediate crude trading at a three-week high and on track for a third consecutive session of gains.
The strong uptrend in U.S. crude production, meanwhile, is keeping investors from placing bullish bets.
But that doesn’t mean less production because new rigs are much-more efficient as they can drill more oil in less time.
Elsewhere in the energy market, prices for natural gas held onto earlier losses after the EIA Thursday reported that U.S. natural-gas supplies fell by 43 billion cubic feet for the week ended March 24.

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Oil tops $50 to finish at a more than 3-week high

Oil tops $50 to finish at a more than 3-week high

Oil prices rose for a third straight session Thursday, with U.S. benchmark crude topping $50 a barrel to finish at a more than three-week high.
The strong uptrend in U.S. crude production, meanwhile, is keeping investors from placing bullish bets.
Natural-gas prices, meanwhile, extended earlier declines after a weekly decline in domestic inventories of the fuel was in line with market expectations.
But that doesn’t mean less production because new rigs are much-more efficient as they can drill more oil in less time.
Larger-than-expected drawdowns in U.S. petroleum-product stockpiles and gains in refinery activity raised expectations of stronger demand for crude.

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