Oil Holds Gains as OPEC Sees Recovery, Storm Curbs U.S. Output - Bloomberg

Oil Holds Gains as OPEC Sees Recovery, Storm Curbs U.S. Output - Bloomberg:

"Oil held gains near $51 a barrel as OPEC Secretary-General Mohammad Barkindo reiterated a rapid market re-balancing is under way, and as U.S. production was again disrupted by a storm.

Futures added 0.8 percent in New York after advancing 3.3 percent in the previous two sessions. The global economic recovery has gained traction and oil de-stocking gathered momentum over the summer, Barkindo said on Tuesday. Oil producers in the U.S. Gulf have cut output by 1.02 million barrels a day, or about 59 percent, because of Tropical Storm Nate, according to the Bureau of Safety and Environmental Enforcement."



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