Oil prices edge higher after dropping to near 11-year lows
|01/06/2016||Posted by BusinessMediaguide.Com under General World News||
By Jacob Gronholt-Pedersen
SINGAPORE (Reuters) – Oil prices edged higher on Wednesday, rebounding from near 11-year lows in the previous session as concerns over growing supply and rising stock levels outweighed tensions between key Middle East producers.
A rift between Saudi Arabia and Iran over the Saudi execution of a Shi’ite cleric failed to boost prices this week, as it appeared to put an end to speculation that OPEC members could agree production cuts to lift prices.
U.S. crude for February delivery was 19 cents higher at $36.16 a barrel at 0124 GMT, after slipping 79 cents in the previous session.
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Source : BusinessInsider.Com