Equity Tips:- Crude Oil Futures Fall From At Three And A Half Years High

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Crude oil futures pulled back Thursday after hitting multi-year highs, even as Organization of the Petroleum Exporting Countries (OPEC) bragged that the global oil glut is all but gone. 

 

OPEC officials claim their supply quota plan with Russia has had the intended effect of re-balancing the global oil market. Still, the cartel and Kremlin want to drive prices even higher and offset the U.S. shale oil boom, so they are likely to extend the supply quota plan beyond this year. OPEC is meeting in the Middle East this week to discuss the issue.

 

Benchmark crude oil futures for May delivery fell 18 cents or 0.3 percent to settle at $68.29 a barrel on the New York Mercantile Exchange. However, June Brent crude gained 30 cents or 0.4 percent to settle at $73.78 a barrel on London’s Intercontinental Exchange.

 

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