Oil Settles Near $57 as `Glut, Glut Glut’ Gives Way to Tightness

14 Nov 2017   Prices

Forecast for a tight market keeps price from straying too far Saudi-Bahrain pipeline restarted operations after brief halt Traders played follow-the-bouncing-ball with oil prices close to a 2 1/2-year high after OPEC boosted its demand projections for next year. Futures in New York fluctuated around the $57-a-barrel mark before settling little changed and just 59 cents below the Nov. 6 close that was the highest since June 2015. OPEC raised its estimates for the amount it will need to pump to meet demand next year by 400,000 barrels a day to 33.4 million a day, according to a monthly report from the group. “With OPEC raising estimates, there’s an expectation that the market’s a lot tighter,” said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, in a telephone interview. “We’ve gone from mentality of glut, glut, glut, to more rebalancing.” Oil has climbed 20 percent […]

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