Crude Oil Prices Drop On Growing US Exercise Movement
SINGAPORE, MARCH 20:
Oil prices fell on Monday on rising US drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets.Prices for benchmark Brent crude futures were 29 cents, or 0.56 per cent, below their last settlement at 0223 GMT, at $51.47 per barrel.US West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.78 per cent, at $48.40 a barrel.Traders said that prices came under pressure from rising US drilling and ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia.“There is good, strong momentum to the downside,” futures brokerage CMC Markets said in a note on Monday.
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Silver Price Equal Off with Notable Support
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Gold prices held firm on Monday near 3-1/2 month highs hit in the previous session, with investor...
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