Monday, 27 February 2017

Commodity Market Tips; Oil Ticks Up On Supply Cuts

Oil prices edged higher on Monday, with Brent oil set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains. Brent crude oil climbed 0.2 percent to $56.09 a barrel, while U.S. West Texas Intermediate added 0.1 percent to $54.04 a barrel. Oil prices tumbled on Friday after U.S. Energy Information Administration data showed U.S. crude inventories rose for a seventh straight week. But the market has been supported within a tight $4 to $5 range since November, when the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut production. "EIA data showed stocks rose 564,000 barrels to 518.7 million last week," ANZ said in a note.

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