Tuesday 19 December 2017

Oil Range-Bound As Disruptions Offset By Rising U.S. Output

Oil markets edged up on Tuesday as the Forties pipeline outage in the North Sea and voluntary production restraint led by OPEC supported crude, although soaring output in the United States put a cap on gains. U.S. West Texas Intermediate (WTI) crude futures were at $57.30 a barrel at 0319 GMT, up 14 cents from their last settlement.

Brent crude futures, the international benchmark for oil prices, were at $63.49 a barrel, up 8 cents. There has been very little price movement in recent trading, with Brent moving within a $63.00 to $63.91 per barrel price range since last Friday.

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