Front-Month Brent Unable to Hold Ground Above $50

摘要

A wave of early-morning buying ultimately failed to lift oil prices Wednesday, with North Sea Brent settling below the psychological $50 mark for a third consecutive day (IOD Aug.5'15). In London, front-month September Brent crude futures lost 40￠ to settle at $49.59 per barrel. Earlier in the session, prices rose to an intraday high of almost $51. Prices have fallen since the end of June as older forecasts of a narrower supply surplus in the second half of this year gave way to expectations of a large crude overhang persisting into 2016 (IOD Aug.4'15).