Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Crude Oil Prices Rise as OPEC Says Market Coming into Balance

Published 10/10/2017, 04:43 AM
© Reuters.  Oil prices higher as OPEC says market is rebalancing
LCO
-
CL
-
NG
-
NYF
-
GPR
-

Investing.com - Crude oil prices pushed higher on Tuesday after the Organization of the Petroleum Exporting Countries said Monday that there is “clear evidence” the market is rebalancing after years of oversupply.

U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or around 0.38%, to $49.77 a barrel by 04:41 AM ET (08:41 GMT).

Brent crude, the benchmark for oil prices outside the U.S., tacked on 26 cents or about 0.47% to trade at $56.05 a barrel.

Prices remained supported after OPEC Secretary-General Mohammed Barkindo said in a speech Monday that there are clear signs that the oil market is coming into balance and that the group remains committed to its goal of reducing global stockpiles.

OPEC has spearheaded an effort to reduce output in order to end years of overproduction that led to a massive global supply glut.

The remarks helped oil prices to stabilize on Monday after they fell more than 2% on Friday amid concerns that Hurricane Nate would curb demand from refiners.

Oil traders were looking ahead to monthly reports from OPEC and the International Energy Agency on Wednesday and Thursday respectively to assess global oil supply and demand levels.

Weekly reports on U.S. stockpiles of crude and refined products, also due out on Wednesday and Thursday will be scrutinized for signs of the impact of recent storm activity on supply and demand.

The reports come out one day later than usual due to the U.S. Columbus Day holiday on Monday.

The market was also waiting on President Donald Trump’s decision on Thursday on whether or not to certify Iran’s compliance with the international nuclear deal. The Persian nation is an OPEC member and key Middle Eastern oil producer.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Elsewhere on Nymex, gasoline futures rose 0.96%, to $1.5700 a gallon, while heating oil rose 0.43% to $1.7427 a gallon.

Natural gas futures were up 0.46% to $2.864 per million British thermal units.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.