Crude Oil Prices Up Amid OPEC Members Market Re-balancing Efforts
- Trade Magnates Team
- Oct 10, 2017
- 1 min read
Trade Magnates -OPEC optimistic comments on re-balancing of the oil market has pushed the crude oil prices higher on Tuesday, WTI Crude Oil, at 50.15$ a barrel, and Brent at 56.30$, 13:00 GMT.
OPEC Secretary-General Mohammed Barkindo said on Monday that there are clear signs that the oil market is coming into balance and that the group remains committed to its goal of reducing global stockpiles. OPEC members are set to meet on November 30th in Vienna to discuss a plan to reduce outputs to re-balance the market.
Investors and market participants are watching closely the tension between U.S. and Iran, as president Trump decides on certifying Iran with a nuclear deal, while Iran vowed a strong response. Iran is an OPEC member and one of the most important oil producers in the middle east.
On the New York Mercantile Exchange crude futures for November delivery rose 2.7% to settle at $50.92 a barrel, while on London's Intercontinental Exchange, Brent 1.68% to trade at $56.48 a barrel.
Crude oil prices had the best day in two weeks after Saudi Arabia pledged to cut its November crude oil exports by 7% or 560,000 barrels per day, in comparison with the same period last year in an attempt to strengthen the market rebalancing plan.
Prices stability comes ahead of a monthly OPEC report on Wednesday