Oil markets edged higher on Tuesday, supported by expectations of a fall in US crude stockpiles. The deal between OPEC last week, and other crude producers extended output curbs.
International barometer Brent crude futures were trading up 0.1%, from their last close at USD 62.51 per barrel today. US WTI crude futures were up by 0.2%, at USD 57.59 per barrel. Benchmark crude oil futures for January delivery ended lower by 1.5% percent at USD 57.47 a while Brent crude for February delivery was down by 1.8% to USD 62.48 a barrel on the ICE.
Saudi Arabia & Russia have shown a stronger commitment to keeping up cuts and raised its Brent & WTI spot prediction for 2018 to USD 62 & USD 57.50 per barrel respectively, as per Goldman Sachs.
The OPEC and non-OPEC producers had last week rolled over their pact to trim output by 1.8 million bpd till the end of 2018, looking to grind down a global glut and drive up prices.
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