Oil steady, tempered by caution over rising U.S. output

14 Nov 2017   Prices

Oil prices held largely steady on Tuesday as the prospect of further rises in U.S. output offset some of the optimism that OPEC-led production cuts would tighten the balance between crude supply and demand. A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo Brent crude futures LCOc1 were at $63.11 per barrel at 0942 GMT, down 5 cents, while U.S. West Texas Intermediate (WTI) crude CLc1 was down 13 cents at $56.63. Both benchmarks early in the previous week hit highs last seen in 2015, but traders said the market had lost some momentum since then. Sponsored Traders said they were cautious about betting on further price rises. “Prices … are starting to look like a pause or pullback is needed,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. This sentiment comes in part on the […]

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