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Oil Score Back-To-Back Session Gains as Signs of Supply Crunch Linger


Wednesday, 13 March 2019 03:19 WIB

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Crude-oil futures settled higher for a second straight session on Tuesday, giving up an earlier move toward 2019 highs.

Signs of a supply crunch lingered and traders assessed the latest monthly U.S. government price and output forecasts and allowed recent comments from energy officials to hold.

Prices were briefly poised to settle at their highest since November, on the back of tightening Venezuelan supplies and signs that OPEC would continue cutting output into the second half of the year.

News that the Organization of the Petroleum Exporting Countries is “looking at more [output] cuts in the near-term took us higher late last Friday” and into Tuesday morning, said John Caruso, senior market strategist at RJO Futures.

April West Texas Intermediate crude rose 8 cents, or 0.1%, to settle at $56.87 a barrel on the New York Mercantile Exchange on Tuesday after trading as high as $57.55.

There was a brief delay to some energy futures price settlements on Nymex Tuesday, with Matt Stroud, a CME Group spokesman, citing “a technical issue.”

Global benchmark May Brent crude gained 9 cents, or 0.1%, to $66.67 a barrel on ICE Futures Europe, following a high at $67.39.

Source : Marketwatch


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