Oil Futures Mixed After OPEC Report

14 Nov 2017   Prices

Crude output by members of the Organization of the Petroleum Exporting Countries dropped by 0.46%, to 32.59 million barrels a day in October, compared with the month prior. The move was driven by reduced production in countries including Iraq, Nigeria and Iran, said the cartel in its closely watched monthly oil market report. OPEC also raised its forecasts for world oil demand growth for the current year and 2018. The cartel now expects demand growth to rise by 1.53 million barrels a day in 2017 and 1.51 million barrels a day in 2018. Oil futures have hovered around two-year highs since last week after Saudi Arabia detained hundreds of individuals in a corruption investigation and after rising tension between the kingdom and Iran. But since a big gain last week, prices have been trading in a relatively narrow range. Towing the Hess Corp. Stampede tension leg oil platform. As […]

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