New York’s oil price retreated slightly at open on Friday, with the market hesitating between the continued surge in production in the United States and the Organization of the Petroleum Exporting Countries’ efforts to curb its own black gold mining .
Around 2:10 p.m. GMT, a barrel of light sweet crude (WTI) for delivery in March, the US benchmark for crude, gave up 10 cents and traded at 65.70 dollars on the New York Mercantile Exchange. “Even with reports that US production exceeded (in November) the 10 million barrels per day mark, the decline in global black gold reserves continues to support prices,” observed Price’s Phil Flynn. Futures Group.
In slight decline on Friday, oil prices have indeed increased significantly since last summer and are moving to their highest level since 2014.
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