Oil Prices Inch Higher as Bullish Sentiment Remains

30 Sep 2017   Prices

Oil prices swung between small gains and losses Friday, as investors reacted to the latest data measuring U.S. production. Light, sweet crude for November delivery closed up 11 cents, or 0.2%, to $51.67 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, finished up 0.2% at $57.54. U.S. crude prices rose 9.4% this month—their best month since April 2016—supported by renewed faith in the efforts of Organization of the Petroleum Exporting Countries and other producers to alleviate a global supply glut and concerns that the recent Kurdish referendum could hit supply. U.S. demand has also been strong, with refineries ramping up operations following Hurricane Harvey. On Friday, a monthly EIA report showed U.S. oil output in July was 9.2 million barrels a day, up slightly from 9.1 million barrels in June but below the weekly output numbers that pointed to a 9.4 million barrel a […]

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