Crude stands still as leaping American output undermines OPEC cuts

Crude stands still as leaping American output undermines OPEC cuts

On Tuesday, crude was nearly intact because the impact from hopes for an extended OPEC-led output cut was neutralized by ascending oil output in America.

Brent crude futures demonstrated $62.20 a barrel, adding 8 since their previous close.

Meanwhile, US West Texas Intermediate crude futures hit $56.50 a barrel, also rising 8 cent from their previous settlement.

Market participants told they stood away from taking on large new positions because of uncertainty in financial markets.

The Organization of the Petroleum Exporting Countries along with a group of non-OPEC producers headed by Russia, has been gradually reducing output since the beginning of 2017 in an attempt to end a global supply overhang and underpin prices.

The deal to tame output will expire in March 2018, although OPEC will have a meeting on November 30 in order to discuss the outlook for the policy.

OPEC is believed to extend output cuts due to the fact storage levels are still high notwithstanding recent drawdowns.

 

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