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Crude Oil Prices Push Higher on Signs of Market Re-Balancing

CommoditiesOct 10, 2017 09:00AM ET
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© Reuters. Crude oil continues to climb on upbeat OPEC remarks

Investing.com - Crude oil pushed higher on Tuesday, following optimistic comments by the Organization of the Petroleum of Exporting Countries on the re-balancing of the oil market.

The U.S. West Texas Intermediate crude November contract was up 55 cents or about 1.09% at $50.13 a barrel by 9:00 a.m. ET (13:00 GMT).

Elsewhere, Brent oil for December delivery on the ICE Futures Exchange in London was up 51 cents or about 0.91% at $56.30 a barrel.

Prices were boosted after OPEC Secretary-General Mohammed Barkindo said on 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.

Barkindo also said that consultations were under way for an extension of the cartel's supply-cut agreement beyond March 2018 and that more oil-producing nations may join the pact.

OPEC members are set to meet in Vienna on November 30 to discuss its pact to reduce output in order to re-balance the market.

Market participants were also eyeing U.S. 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.

Tensions between the two nations were heightened after Iran vowed a "crushing" response should Washington deem the Revolutionary Guards a terrorist group.

Elsewhere, gasoline futures were up 1.38% at $1.576 a gallon, while natural gas futures advanced 1.66% to $2.880 per million British thermal units.

Crude Oil Prices Push Higher on Signs of Market Re-Balancing
 

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