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Friday, 16 December 2016

Oil stable as planned output cuts start to materialize | Reuters

Oil stable as planned output cuts start to materialize | Reuters:
"Oil prices were stable on Friday as evidence increased that producers in the Middle East were informing customers of upcoming supply cuts as part of a coordinated effort to drain a global glut.

But since any production cuts will only hit markets early next year and Iraq is still raising sales to Asia, analysts at Goldman Sachs said that the price upside for December was limited.

Brent crude futures were trading at $54.02 per barrel at 0808 GMT, flat from its last settlement."

'via Blog this'