Crude Oil Holds $43 On Talk Of Supply Quota Extension

Crude Oil Holds $43 On Talk Of Supply Quota Extension

Crude oil futures continued to rise Tuesday amid hopes that OPEC can re-balance oil markets.

OPEC and its allies are discussing extending the oil production cuts that expire in March 2018 by more than three months, Bloomberg reports.

The cartel said its production fell in August, and also revised higher its global oil demand growth forecasts for this year.

Oct. WTI oil edged up by 16 cents, or 0.3%, to settle at $48.23/bbl.

The American Petroleum Institute is out with U.S. inventories data this afternoon. Traders are hoping for clarity about oil demand in the aftermath of Hurricane Harvey.

SOURCE

Leave a Reply