Oil prices fall to $43 as Shell earnings sink to 11-year low – The Cable

Shell

Crude oil prices fell to the lowest point since April 2016, as Royal Dutch Shell posts the lowest one quarter earnings in 11 years.

Minutes after official US energy data was released, showing unexpected glut of oil in storage, the prices began to tumble.

Brent crude quickly dropped from around $44.90 a barrel to $43.68, falling by over two percent in less than an hour. The price fell further to $43.47.

After Shell announced its quarterly results, showing a 72 percent decline in profit, in one fiscal year, the oil prices slid further, with Brent crude touching $43.35 on Thursday.

West Texas Intermediate (WTI) sank as low as $41.94 within the same period.

Shell shocked the market, which expected about 80 percent more earnings than posted.

Read more at https://www.thecable.ng/oil-prices-fall-to-43-as-shell-earnings-sink-to-11-year-low