Stock Advisory in Indore | Oil near June 2015 high as production cuts tighten market
Oil prices were stable on Tuesday, with Brent crude lingering near 2015 highs on the back of an outlook for healthy demand amid ongoing production cuts led by OPEC and Russia.
US West Texas Intermediate (WTI) crude futures were at $58.50 a barrel at 0141 GMT, up 3 cents from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $65.25 a barrel, unchanged from their last close, but near the $65.83 per barrel briefly on December 12—the highest since June 2015.
Brent has risen by 47 percent since mid-2017. The Organization of the Petroleum Exporting Countries (OPEC), the Middle East-dominated producer club, and Russia—the world's single biggest oil producer—have been withholding output in order to tighten the market and prop up prices.
The agreement to cut started last January and is set to cover all of 2018.
Jabar al–Luaibi, oil minister of OPEC-member Iraq, said on Monday there would be a balance between supply and demand by the first quarter of 2018, leading to a boost in oil prices. “During the first quarter of next year there will be more balance between supply and demand, which will reflect positively on improving global oil prices,” he said.
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