Crude Oil Prices Remain Supported Near 2-Year Highs
Investing.com
Published Nov 09, 2017 09:54AM ET
Crude prices hover near multi-year highs on sustained optimism
Investing.com - Crude oil prices remained supported near fresh two-year highs on Thursday, as optimism over the rebalancing of the market offset news of a surprise increase in U.S. stockpiles last week.
The U.S. West Texas Intermediate crude December contract was up 11 cents or about 0.19% at $56.92 a barrel by 09:50 a.m. ET (13:50 GMT), not far from the previous session's fresh two-year peak of $57.91.
Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London was little changed at $63.45 a barrel, just off a new two-year high of $64.65 hit on Wednesday.
Oil prices steadied near multi-year highs, after posting losses in the previous session when the U.S. Energy Information Administration said in its weekly report that crude oil inventories increased by 2.2 million barrels in the week ended November 3.
Market analysts' expected a crude-stock loss of around 2.9 million barrels.
The commodity remained supported by mounting expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month.
Under the original terms of the deal, OPEC and 10 other non-OPEC countries led by Russia agreed to cut production by 1.8 million barrels a day (bpd) for six months. The agreement was extended in May of this year for a period of nine more months until March 2018 in a bid to reduce global oil inventories and support oil prices.
Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend.
Elsewhere, gasoline futures were down 0.48% at $1.815 a gallon, while natural gas futures climbed 1.04% to $3.207 per million British thermal units.
Get The News You Want
Written By: Investing.com
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.