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
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