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Pessimism bubbles up to leave oil prices mixed

stander
stander
in Oil, Gas and Energy News

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NEW YORK, July 26 (UPI) -- Crude oil prices were trading in mixed territory early Tuesday after BP said more output was expected, but market recovery would be slow.


British energy company BP is among the first of the so-called supermajors to report earnings for the second quarter. The company posted its third straight loss and, while CEO Bob Dudley expected challenges to remain, BP said it was resilient enough to add new barrels to its portfolio during the second half of the year.



BP in its financial release said the market was approaching a viable balance between supply and demand, though the price for Brent crude oil is expected to move lower at least through October and recover possibly to around $55 per barrel during the latter half of 2017.


http://www.upi.com/Pessimism-bubbles-up-to-leave-oil-prices-mixed/1671469540016/?nll=1


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