Oil Price Update, Trend and Analysis
OPEC daily basket price stood at $49.46 a barrel Monday, 16 March 2015
The price of OPEC basket of twelve crudes stood at 49.46 dollars a barrel on Monday, compared with $51.66 the previous Friday, according to OPEC Secretariat calculations.
OPEC report forecasting a decline in U.S. oil output later this year. “As drilling subsides due to high costs and a potentially sustained low oil price, a drop in production can be expected to follow, possibly by late 2015,” said OPEC in the report.
Crude prices dipped further on the prospect of Iranian oil exports.
There is continued fears that the U.S. is running out of room to store oil as the International Energy Agency’s warned that an abundance of oil might test U.S. capacity limits, noting that stability in oil prices was a “facade.”
U.S. crude dropped 4% to $43.05 a barrel, hitting a fresh 6-year low. London-based Brent crude sank 3.5% to $52.76 a barrel.
Lower prices continue to hurt the margin of companies in the Oil Industry. Shares of some top oil companies as of today.
BP PLC rose $.10 or .3 percent, to $37.65.
Chevron fell $.80 or .8 percent, to $102.33.
ConocoPhillips fell $.76 or 1.2 percent, to $61.64.
Exxon Mobil Corp. fell $.41 or .5 percent, to $84.36.
Marathon Oil Corp. fell $.25 or 1.0 percent, to $25.76.
Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles