Oil edges up as tight global supplies offset economic concern


Oil edges up as tight global supplies offset economic concern

Oil prices edged higher on Thursday, supported by OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by falling stock markets and renewed concerns over demand growth.

Brent crude futures gained 31 cents, or 0.47 percent, to settle at $66.30 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 44 cents, or 0.78 percent, to settle at $56.66 a barrel.

“The big picture is that short-term fundamentals are very strong,” said Phil Flynn, analyst at Price Futures Group in Chicago. “There’s still some nervousness about supply.”

The Organization of the Petroleum Exporting Countries and allies such as Russia this year have aimed to cut output and tighten oil markets, which has supported prices.Read More

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