Crude prices stand still as OPEC claims market is currently rebalancing

Crude prices stand still as OPEC claims market is currently rebalancing

On Tuesday, crude prices were intact because OPEC told that there were evident signs the market was rebalancing and American output was still offline due to Hurricane Nate.

American West Texas Intermediate crude futures hit $49.64 a barrel, soaring just 0.1% from their previous close.

As for Brent futures, they also gained no more than 0.1% trading at $55.85 a barrel.

Crude prices were backed because OPEC told crude markets were rapidly rebalancing after a long period

OPEC has made vigorous effort to reduce output in 2017 just to stop years of overproduction, which generated an enormous supply overhang.

Short-term crude price support was also received from America, where up to 85% of US Gulf of Mexico crude output or just 1.49 million barrels a day, turned to be offline because of Hurricane Nate. Crude companies evacuated employees from Gulf platforms and reduced output ahead of the natural disaster.

 

 

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