Oil market balance, IMF forecast drive crude oil prices higher

11 Oct 2017   Prices

Crude oil prices recovered from their October slump to jump higher in early Tuesday trading after OPEC’s secretary general said markets were balancing. “The oil supply and demand variables are fast returning to balance after a record three years of unprecedented downturn, as evidenced by the continued positive fundamentals, due largely to the full and timely implementation of supply adjustments by OPEC and non-OPEC countries,” OPEC Secretary General Mohammad Sanusi Barkindo said from New Delhi. The Organization of Petroleum Exporting Countries and a handful of non-member state producers started cutting crude oil production in January in an effort to draw the five-year average for global crude oil inventories back to even after years […]

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