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Oil rises on support from OPEC expectations for demand rise by 2018

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rocky
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Oil rises on support from OPEC expectations for demand rise by 2018

Post by rocky on Thu 12 Oct 2017, 2:47 am

  Oil rises on support from OPEC expectations for demand rise by 2018

  
 Arab and international
Economy News _ Baghdad
Oil prices rose for a third consecutive session, supported by expectations from OPEC of rising demand in 2018 and growing tensions in Iraqi Kurdistan. 

Brent crude futures closed up 33 cents, or 0.6 percent, to settle at $ 56.94 a barrel, after rising 2 percent in the previous session.
US WTI crude was up 38 cents, or 0.8 percent, to close at $ 51.30 a barrel. 

OPEC has expected a stronger demand for its oil in 2018 and said its agreement to cut supply with non-OPEC producers removes excess supply over three years. 

Saudi Arabia said it pumped 9.97 million barrels per day (bpd) in September, up 22,000 bpd from August but below its OPEC level.



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