MTECHTIPS;-Crude Oil Prices Settle Higher Ahead of Inventory Data MTECHTIPS-crude oil prices settled higher Tuesday on expectations for tighter global output as Saudi Arabia said it was comfortable with higher oil prices, while major oil producers reportedly will not float any new plans to raise output at a key meeting next week. On the New York Mercantile Exchange, crude futures for November delivery rose 1.4% to settle at $69.85 a barrel, while on London's Intercontinental Exchange, Brent rose 1.22% to trade at $79.00 a barrel. OPEC and non-OPEC producers will meet in Algiers on Sunday, but do not have plans to propose an immediate increase in crude output, but rather will discuss how to share a previously agreed output increase, according a report from Reuters.Members of the oil-production cut agreement agreed in June to life output curbs to avert the prospect of global supply shortage amid expectations for a steep loss of Iranian crude from market as U.S. sanctions on the Islamic Republic loom. U.S. sanctions are slated to hit Iran's petroleum sector from Nov. 4. Iranian crude customers have already shown they are unlikely to rail against the sanctions, which seeks to cut Iranian crude exports MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on Sep 19 2018 3:37PM, by MTECHTIPS in Commodity tips| Share This