Crude is steady on tighter market

Crude is steady on tighter market

On Friday, crude markets stood firm because the Forties pipeline outage in the North Sea as well as the everlasting OPEC-led output cuts underpinned the commodity, while ascending output from the USA kept oil from soaring further.

American West Texas Intermediate crude futures hit $57.13 a barrel, soaring 9 cents from their previous settlement.

As for Brent crude futures, they reached $63.35 a barrel, gaining cents from their previous close.

Market participants told that in general markets were well underpinned by efforts led by OPEC and Russia to tame supply just to prop up crude prices.

The everlasting outage of the Forties pipeline that carries North Sea oil to the UK, was also backing crude prices because inventories around the globe were being drawn down.

As Goldman Sachs stressed, market conditions enabled the major crude companies to enter "an upbeat earnings-revision cycle" and it should help them to have their capital re-employed at double-digit returns.

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