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Upbeat outlook for prices

Reuters
Saturday, November 04, 2017

NEW YORK - Oil prices edged up on Thursday, steadying near two-year highs as the outlook remained upbeat as OPEC-led supply cuts have tightened the market and drained inventories.

Brent crude LCOc1 settled up 13 cents, or 0.2 per cent, at $US60.62 ($F125) per barrel. The benchmark hit $US61.70 ($F128) on Wednesday, its highest intraday level since July 2015. The contract is up by more than a third from its 2017-lows in June.

US crude CLc1 ended 24 cents, or 0.4 per cent, higher at $US54.54 ($F113) almost 30 per cent above its 2017-lows in June.

Confidence has been fueled by an effort this year lead by the Organization of the Petroleum Exporting Countries and Russia to hold back about 1.8 million barrels per day (bpd) in oil production to tighten markets.

Saudi Arabian Energy Minister Khalid al-Falih said supply and demand balances were tightening and oil inventories falling, while compliance with the OPEC-led pact to curb supplies had been "excellent".








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Westpac
Code Inward TTs Outward TTs
CAD 0.63170.6127
JPY 54.204251.2042
GBP 0.35800.3500
EUR 0.40540.3934
NZD 0.68860.6556
AUD 0.63870.6137
USD 0.50450.4875

from

$0.00

Exchange Rate updated on 20th, February, 2018

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