Oil price falls to $49 a bar­rel

Chronicle (Zimbabwe) - - Business -

at­tacks on oil fa­cil­i­ties, said at the week­end it was ready for a cease­fire and Iraq re­sumed pump­ing through a north­ern pipe­line halted ear­lier this year.

Brent crude was down 41 cents at $48,75 a bar­rel at 1103 GMT.

The global bench­mark ral­lied 20 per­cent be­tween the be­gin­ning of the month and Au­gust 19. US crude was down 37 cents at $47,04.

“To­day we re­main bear­ish on crude oil,” said Ge­orgi Slavov, an­a­lyst at Marex Spec­tron.

“Sup­ply looks likely to in­crease in the short term.”

Gold­man Sachs, in a re­port, said talk of an out­put freeze by the Or­gan­i­sa­tion of the Pe­tro­leum Ex­port­ing Coun­tries and a weak dol­lar had helped drive prices up this month but nei­ther was enough to sus­tain cur­rent lev­els.

Oil prices have more than halved from mid-2014 due to a global sup­ply glut.

Rais­ing hopes that pro­duc­ers could

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