Oil prices continue to weaken as global glut grows

International crude oil prices have dropped to their lowest level in six months as the continuing global glut overshadows efforts by OPEC to shore up the market
By Peter Stewart 21 June 2017
The Foster Creek oilsands project in Alberta, Canada. The global oil supply glut shows no signs of abating soon. (Cenovus)

International benchmark Brent crude oil futures dropped as low as $45.4 per barrel on Tuesday – their lowest level since November 2016 – and dropped to similar levels early on Wednesday before recovering slightly. The United States benchmark West Texas Intermediate dropped to $42.8/bbl on Tuesday and was trading at around $43/bbl at the time of publication.

OPEC members and a group of 11 non-OPEC producers led by Russia agreed on 25 May to extend their 1.8 million barrels per day (MMb/d) output cut for a...

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