The Traderszone Network

Published in TZ Latest News 29 January, 2015 by The TZ Newswire Staff

Oil prices slip as output remains high, producers slash costs

Oil prices dipped on Friday following slight gains in the previous session and analysts said the outlook remained weak, with production high and producers reducing operating costs to adjust to lower export revenues. Global oil prices had firmed slightly on Thursday but not before U.S. crude hit a near-six-year low and benchmark Brent pared gains on data showing fresh additions to record-high U.S. oil inventories. Brent crude oil futures opened Friday’s trading little changed at $49.15 a barrel and had slipped to $48.83 by 0645 GMT.