05 Dec, Oil prices nudged up on expected drop in US crude stocks

Oil Prices, Commodity Intraday Tips, MCX NCDEX Commodity

Oil prices nudged up on expected drop in US crude stocks

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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