Crude Oil Edges Jump After Six Days Of Solid Losses
Oil prices inched up on Tuesday but markets remain under pressure following six consecutive sessions of declines as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel.US West Texas Intermediate (WTI) crude futures added 24 cents, or 0.5 per cent, by 0305 GMT, but remained below the $50 mark pierced late last week, at $49.47 a barrel.Brent crude rose 26 cents or 0.5 percent to $51.86 per barrel.
Traders said the gains were a counter-reaction to consecutive price drops in the previous six sessions.Despite Tuesday's increases, market sentiment has turned bearish, with Brent down 10 percent since late 2016 despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to cut output by 1.8 million barrels per day (bpd) in the first half of 2017 in order to tighten the market.Given that oil supplies remain at record highs despite the cuts, Stephen Schork of the Schork report said on Tuesday that "OPEC has failed miserably in its endeavour to balance the oil market."JPMorgan said in its latest weekly market note to clients that “it is evident that... crude markets are still struggling to clear (oversupply).”
The bank said that it was closing its “August Brent long position at a loss.”
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