+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

The oil price rollercoaster continues as prices plummet

Aug 26, 2024, 19:55 IST

After a long streak of gains, oil prices are back to sliding lower.

Advertisement

Large draws on US oil, in the neighborhood of 6.3 million barrels, sent prices higher briefly on Thursday. Production numbers were higher, however, which have fueled worries over an oversupply of the commodity.

The increase in the US matches the second month of export increases by OPEC countries in June. Russia, which has announced it would not support future production cuts by OPEC, is adding to oversupply worries.

These worries have sent prices skidding on Friday.

West Texas Intermediate futures are trading at $44.26 down 2.83%, while Brent futures are down 2.85%.

Advertisement

This continues a general slide since July 4, when WTI futures hit a high of $47.23. This was the end of a multi-day rally which brought WTI futures from a low of $42.19 on June 21.

A new report, released Wednesday, found that the US government provided about $6 billion annually in financial support to the oil, gas, and coal industries between 2013 and 2015.

Click here to learn more about Oil prices ...

Markets InsiderGet the latest Oil WTI price here.

NOW WATCH: A hacker reveals the most secure thing you can do to your passwords

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article