December 10, 2016

MANTHANTIPS:- Oil edges higher as profit-taking runs its course

Oil moved higher Tuesday after profit-taking ran its course.  U.S. crude was up 20 cents, or 0.46%, at $43.22 at 06:45 ET, while Brent crude rose 0.29% to $45.52. Oil futures jumped Monday on bullish remarks by OPEC on demand and prices in the second half. OPEC is to hold informal talks next month in Algeria on stabilising the market. However, hopes of a renewed agreement on restraints on output are not expected to materialize. Glut concerns and record short positions on U.S. crude continue to weigh on the market. American Petroleum Institute weekly stockpile figures are due out later Tuesday. These will be followed Wednesday by official Energy Information Administration Information (EIA) data. The EIA figures are forecast to show a draw of 950,000 barrels in U.S. crude stocks. The U.S. dollar index was off highs helping to ease pressure on oil. A stronger dollar undermines demand for oil.

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