U.S. Oil Ticks Up For Second Day On Record OPEC Output Cut Compliance

U.S. crude oil edged higher for a second day on Tuesday, underpinned by high compliance with OPEC's production cuts even as the market remains anchored by rising U.S. production. The Organization of the Petroleum Exporting Countries (OPEC) has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months as the biggest laggards - the United Arab Emirates and Iraq - pledge to catch up quickly with their targets. "With the prospect of OPEC extending the current cuts even longer, we would expect to see prices continue to push higher from here," ANZ said in a note. 

West Texas Intermediate crude oil added 11 cents, or 0.2%, to $54.16 a barrel by 0337 GMT, while benchmark Brent crude oil added 17 cents, or 0.3%, to $56.10 a barrel. For the month, U.S. crude oil is up 2.6% after falling in January, while Brent oil has risen marginally.

Get more about Commodity Market Trading Tips for click here http://www.ripplesadvisory.com/services.php.

viny k.samual

No comments:

Post a Comment

Note: only a member of this blog may post a comment.