By April 15, 2016 Read More →

Oil prices, energy stocks slip in Friday morning trading

Oil prices slip ahead of OPEC meeting on Sunday

oil prices

Oil prices fell in trading on Friday morning as investors’ hopes of a cut in global crude supply dimmed.

NEW YORK — On Friday morning, U.S. stocks took small losses as energy companies slipped along with oil prices.

As of 10:10 a.m. Eastern time, the Dow Jones industrial average fell 28 points to 17,898 and the Standard & Poor’s 500 index lost four points to 2,079.  Nasdaq composite fell 13 points to 4,933.

Oil prices fell in trading on Friday morning.  US crude fell $1.36, or 3.3 per cent to $40.14 a barrel in New York.  In London, Brent crude, the international benchmark, was down $1.42 to $42.42 a barrel.

Wholesale prices for gasoline, heating oil and natural gas also dipped in morning trading.

 

The slump in oil prices comes ahead of Sunday’s meeting of ministers from major oil-producing companies in Qatar to discuss their production policies.

In recent weeks, the price of oil has risen as investors look for a deal that will limit oil production and the global supply of crude which would lead to an increase in oil prices.  Analysts contend a deal is not a sure thing and hopes for a meaningful cut in global oil production have dimmed, leading to a decline in oil prices.

Chevron is down 83 cents to $97.15, Devon Energy dropped 73 cents to $30.62 and Noble Energy lost 94 cents and is trading at $32.13.

 

 

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