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Oil Prices Kept Their Gains Together With Reduced Supply Concerns

Category: Forex
421 Views
Keywords: forex news, Oil Prices, opec
Add Date: 11.12.2017
Video Description: Oil prices maintained the longest daily increase series in two months, with signs of a declining US output reducing the pressure on production shortages in the OPEC pioneer.

Future oil contracts did not change much in New York after the previous six seans totaled 5.6 percent. Stocks showed the lowest increase in 2017, while crude oil production in the US showed the largest fall in nearly a year due to maintenance work in Alaska oilfields and Cindy tropical storm last week. According to the United Arab Emirates, OPEC and its partners will not discuss plans for further production shortages at next month's meeting.

Oil has been heading to New York and London for the biggest monthly loss since July, following worries that the rising global supply would offset production shortages by the Organization of Petroleum Exporting Countries (OPEC) and its partners. Oil inventories in the US continue to remain above the 100 million barrels of the five-year average.

US INCREASING COMMERCIAL CRUDE OIL STOCKS

In Sydney, Daniel Hynes said, "The problems that the market has been dealing with recently do not appear to have gone too far, so prices are difficult to sustain in a move upwards," he said, "and there are clear signs of recovery in the second half of the year. we are heading for the market, but there is a little impatience ".

August West Texas Oil (WTI) rose 18 cents on the Nymex market to $ 45.11 a barrel at 09.28 pm with Hong Kong time. The total transaction volume was over 16 percent of the 100-day average. The contract climbed 19 cents on Thursday to close at $ 44.93. Prices are down 6.7 percent this month.

The valley will fill on Friday August-term Brent oil rose by 19 cents to 47.61 dollars per barrel on the London-based ICE Futures Europe market. Prices fell 5.4 percent in June and 9.9 percent in this quarter. The global benchmark Brent oil price was $ 2.50 higher than the US indicator WTI.


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