Oil hovers near three-month lows as investors await data


Oil hovers near three-month lows as investors await data

Crude oil prices hovered near three-month lows on Tuesday in Asian trading, with investors waiting for key reports and data that may shed light on a supply overhang in the global market. US West Texas Intermediate crude (WTI) was up 3 cents at $48.43 a barrel by 0329 GMT. The contract ended down 9 cents in the previous session after touching its lowest since the end of November at $47.90. Brent crude futures gained 7 cents to $51.42 a barrel, having settled down 2 cents on Monday after dipping as low as $50.85. Both benchmarks were down slightly earlier in the day.Prices fell sharply last week as investors worried that swelling U.S. crude supplies would hinder OPEC’s efforts to restrict output and reduce a global glut. Prices had risen after the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, including Russia, agreed at the end of November to rein in production by almost 1.8 million barrels per day (bpd) in the first half of 2017. Read More…

 

Credit By : Financial Express.com

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