Wednesday, April 20, 2016

Oil futures down by 2.8% to $39.94

Crude prices have fallen below $40 a barrel after Kuwaiti oil workers ended a three-day strike that had cut the OPEC member's production by nearly half. Concerns about oversupply were further reinforced by API industry data that showed a 3.1M barrel U.S. inventory build last week, about double that expected by analysts. Bearish sentiment is also taking hold as traders continue to assess the impacts from the output freeze deal failure between major producers unday. Oil futures -2.8% to $39.94.

Looking to counter dwindling, oil revenues and reserves, Saudi Arabia is raising $10B from a consortium of international banks as it embarks on its first global debt issuance in 25 years. The landmark five-year loan, a signal of Riyadh's new found dependence on foreign capital, comes as the sustained oil slump encourages other Gulf governments, such as Abu Dhabi, Qatar and Oman, to tap world bond markets./bbl. looking to counter dwindling