Oil ticks up on supply cuts, but rising US output caps gains


Oil ticks up on supply cuts, but rising US output caps gains

Oil prices edged higher on Monday, with Brent oil set to rise for five out of seven sessions as a global supply glut appears to ease, but rising US production limited gains.

Brent crude oil climbed 0.2 percent to USD 56.09 a barrel, while US West Texas Intermediate added 0.1 percent to USD 54.04 a barrel. Oil prices tumbled on Friday after US Energy Information Administration data showed US crude inventories rose for a seventh straight week.

But the market has been supported within a tight USD 4 to USD 5 range since November, when the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut production. Read More…

Credit By : Moneycontrol.com

Leave a Reply

Your email address will not be published.