Oil edges up as analysts say market could be closer to balance than expected

Oil edges up as analysts say market could be closer to balance than expected
 

Oil prices rose early on Tuesday as some analysts said markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere.
A drop in the dollar away from seven-month highs the previous day .DXY also supported crude, as a lower greenback makes fuel purchases cheaper for countries using other currencies domestically.
Brent crude futures LCOc1 were trading at $51.77 per barrel at 0035 GMT, up 25 cents from their previous close.
U.S. West Texas Intermediate (WTI) crude CLc1... read more

 
18 October 2016 in Business, Views: 49
Source: Reuters
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