Oil rises to $ 57


 

History of edits:: 11/01/2017 12:32104 visits readable
[Where – Follow – up]
Crude oil prices rose on Wednesday to $ 57 with the support of reports on Saudi Arabia to reduce supplies to Asia but gains were limited by the absence of details of the cut along with signs of increased supplies from other producers.
It was futures trading for crude International benchmark Brent crude price of $ 53.71 a barrel at 0632 GMT , up seven cents from the last settlement price.
The total price in futures contracts for WTI US median of $ 50.94 a barrel , up 12 cents.
Traders said rising prices came amid increasing reports about reduced Saudi Arabia ‘s largest oil exporter in the world a little bit about their supply contracted volumes in February , including flying supplies to India and Malaysia.
But there are doubts that the production cuts would be enough to restore balance to the market suffered from a glut in the supply of crude over the past two years. Van fell Brent and West Texas Intermediate futures around six percent this month.
The US Energy Information Administration on Tuesday that the country ‘s production of crude will rise 110 thousand barrels per day in 2017 to up to nine million barrels per day.
There is a concern , another high US inventories. It is expected to issue the latest Energy Information Administration data on Wednesday.

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s