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Oil Trades Near $57 as OPEC Signals Rebalancing Could Speed Up
Monday, 13 November 2017 21:41 WIB | COMMODITY |MinyakWTIBrent

Oil traded near $57 a barrel as OPEC boosted its projections for demand while the group™s top official signaled that producers should continue to curb output.

Futures were little changed in New York. Output cuts are the œonly viable option to rebalance a global market still contending with excess supply, OPEC Secretary-General Mohammad Barkindo said in Abu Dhabi on Monday. The group also increased its forecast for its own crude in 2018, signaling global inventories could drop further if OPEC and its allies continue to keep supplies restrained.

Oil has climbed about 20 percent since the start of September as global supplies tighten and speculation mounts that the Organization of Petroleum Exporting Countries will extend output curbs past the end of March. Prices have also been boosted by internal upheaval in Saudi Arabia, OPEC™s biggest member, and escalating tensions with its rival and fellow producer Iran. An oil pipeline between Saudi Arabia and Bahrain halted briefly over the weekend following an attack.

West Texas Intermediate for December delivery traded at $56.81 a barrel on the New York Mercantile Exchange, up 7 cents, at 1:38 p.m. London time, after climbing 0.5 percent earlier. Total volume traded was about 13 percent below the 100-day average. Prices capped a fifth weekly gain last week, the longest run since October 2016.

Brent for January settlement fell 5 cents to $63.47 a barrel on the London-based ICE Futures Europe exchange, after rising 2.3 percent last week. The global benchmark crude traded at a premium of $6.46 to January WTI.

Source : Bloomberg

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