Oil reverses higher on OPEC's output drop
2017-12-05 19:17:25 GMT (Economies.com)
Oil reverses higher on OPEC's output drop

Oil futures reversed higher in American trade after initial data showed OPEC's output fell to a six-month low, and amid expectations the American Petroleum Institute's report will show an inventory drawdown. 

 

As of 18:43 GMT, US West Texas Intermediate rose to $57.70 a barrel from the opening of $57.44, with an intraday high at $57.90, and a low at $57.07. 

 

Brent rose to $62.90 a barrel from the opening of $62.43, with a session-high at $63.13, and a low at $62.13. 

 

US crude lost 1.5% yesterday, while Brent shed 1.9%, the first loss in three days, after data showed a rise in the US oil rig count. 

 

Other data showed OPEC output fell by 80 thousand bod in November to 32.47 million bpd, the lowest since May. 

 

Goldman Sachs raised their projections for US crude prices in 2018 to $57.5 a barrel from $55, and for Brent to $62 a barrel from $58, as global inventories are expected to recede after OPEC's extension of the output cut deal.

 
 
 
  Symbol Last Change Chg.%
1.1776
0.0010
0.0824%
1.3359
-0.0023
0.1689%
15.896
0.043
0.274%
56.805
-0.520
0.907%
62.65
-0.70
1.10%
1247.845
-0.505
0.041%
 
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