Friday, 29 September 2017

Commodity Market News: Crude Oil update

Oil mixed but set for weekly gain on improving market outlook 

Oil prices were mixed on Friday, but both Brent and U.S. crude were set to chalk up another weekly gain as investors bet that efforts to cut a global glut are working and that the demand outlook is improving. 
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U.S. crude CLc1 was down 8 cents at $51.48 a barrel at 0641 GMT, after earlier rising slightly. Still, the contract is heading for a fourth consecutively weekly gain and is on track for a 9 percent advance this month. 

Brent LCOc1 rose 1 cent to $57.42 a barrel, heading for a fifth weekly climb and a nearly 10 percent gain for September. 

The price gains, most of them in the last two-and-a-half weeks, have come as traders anticipated renewed demand from U.S. refiners that were resuming operations after shutdowns due to Hurricane Harvey. 

Major world oil producers outside the United States have also indicated they will stick with output cuts to limit supply. 

They are getting support from Turkey's threats to cut off a pipeline from the Kurdish region of Iraq after a referendum where Kurds voted overwhelmingly in favour of independence. 

1 comment:

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