Martes, 01 Noviembre 2016

Oil edges higher

Prices rise after Opec agrees on long-term strategy.
UPSTREAMONLINE.COM

Oil prices edged higher from one-month lows in early trading in Asia on Tuesday after Opec agreed on a long-term strategy that was seen as an indication the cartel was reaching a consensus on managing production. But the gains were limited as the market was weighed down by further indications of record output from the group, a sign the glut that has kept a lid on prices is not draining away as fast as the oil bulls would like. US West Texas Intermediate futures were up 9 cents at $46.95 a barrel early on Tuesday. They plunged nearly 4% to $46.86 a barrel in the previous session. Brent for January delivery, the new front-month contract, was up 31 cents at $48.92. The previous front-month contract fell nearly 3% before expiry on Monday. Opec approved a document on Monday outlining its long-term strategy, a sign its members are achieving consensus on managing production.

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