Oil markets cautious on Middle East tensions, increased U.S. drilling

13 Nov 2017   Prices

Oil trading was cautious on Monday amid ongoing tensions in the Middle East and after a rising rig count in the United States suggested producers there are preparing to increase output. Brent crude futures LCOc1 were at $63.57 per barrel at 0744 GMT, up 5 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.78 per barrel, up 4 cents. Traders said crude prices were generally well supported as ongoing output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia have contributed to a significant reduction in excess supplies that have been dogging markets since 2014. “The excess of OECD oil inventories over their five-year average levels has fallen by more than 50 percent in 2017, with […]

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