Oil gives up early gains, but market still well supported

Oil gives up early gains, but market still well supported:

"Oil prices gave up some early gains on Wednesday as analysts warned of a downward correction, but remained well supported on the back of tightening supply and strong global demand

Tighter fundamentals have lifted both crude futures benchmarks about 13 percent above levels in early December, helped by production curbs by OPEC and Russia, as well as by healthy demand growth.

Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump."



'via Blog this'