Oil prices fell on Thursday after oil producers extended output cuts
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BUZ INVESTORS Oil prices fell on Thursday after oil producers extended output cuts for another nine months while deeper cuts were not approved during today’s OPEC meeting in Vienna. Crude oil prices went down 1.6% to $50.7 per barrel and Brent crude oil decreased 1.2% to $53.3 per barrel around 12:10 PM London time. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.
The commodity metal is trading at $51.06 per barrel at 09:40 GMT this morning, 0.47% lower from the New York close. Crude oil witnessed a high of $52.00 per barrel and a low of $50.17 per barrel during the session. In the New York session yesterday, crude oil fell 0.18% to close at $51.30 per barrel. Meanwhile, the Energy Information Administration (EIA) reported that US crude oil stockpiles declined more-than-expected by 4.43 million barrels last week. Immediate downside, the first support level is seen at $50.15 per barrel, while on the upside, the first resistance level is at $51.98 per barrel.
Oil prices fell
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|51.15||51.43||145.31||1.17||1946 – 2017||USD/BBL||Daily|