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High oil prices after a sudden decline in US stocks
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Economy News _ Baghdad Oil prices rose Wednesday, and Brent crude oil near its highest level in 26 months, recorded in the previous session after the decline of US crude stocks. On Sunday, September 27, 2017, oil prices rose unexpectedly as refiners boosted production amid threats from Turkey to cut crude exports from Iraq. Brent crude for November delivery was up 29 cents, or 0.5 percent, to $ 58.73 a barrel at 0603 GMT. The settlement price was set at 1 percent lower on Tuesday after hitting $ 59.49 a barrel earlier, Reuters reported. Level since July 2015 and more than 34 percent above the 2017 low. US crude for November delivery rose 34 cents, or 0.7 percent, to $ 52.22 a barrel after dropping 0.7 percent on the previous session, after recording a five-month high of $ 52.43 a barrel. Oil prices are supported by OPEC's 1.8 million barrel-per-day (bpd) production cut and other major producers, but US crude lags behind Brent amid concerns that US output growth could fuel supply glut. US crude inventories were expected to rise for the fourth week in a row, according to a Reuters poll on Tuesday |
http://economy-news.net/content.php?id=9165
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