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MCX Tips, Oil dips from highs, but OPEC's supply cuts still support market
Oil prices on Friday dipped away from some of their highest levels since 2015, weighed down by rising US output and the expected January re-opening of the Forties pipeline in the North Sea. Despite this, markets remained well supported by ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.
Market liquidity was drying up on Friday as traders closed positions ahead of the upcoming Christmas and New Year breaks. US West Texas Intermediate (WTI) crude futures were at $58.16 a barrel at 0755 GMT, down 20 cents, or 0.3 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $64.81 a barrel, down 19 cents, or 0.1 percent.
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