November 23, 2017

MTECHTIPS:-Crude prices gain in Asia as output curbs seen on track

MTECHTIPS- Crude prices edged up in Asia on Monday as investors continued to expect a coordinated plan to curb global oil production to stay on track.\ London-traded Brent futures rose 0.16% to $56.89, while on the New York Mercantile Exchange, crude oil for delivery in March rose 0.15% to $53.91 a barrel. In China, the Caixin Services PMI stayed in expansion at 53.1, but missed the expected 53.6 level and was below the previous month figure of 53.4. In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer. Meanwhile, investors will keep an eye out for the International Energy Agency’s monthly report to gauge global supply and demand levels. Last week, oil futures finished higher on Friday, logging a weekly gain, as traders cheered signs that global supply was beginning to tighten in wake of a planned agreement by major crude producers to cut output. News that the U.S. imposed fresh sanctions on some Iranian individuals and entities, days after the White House put Tehran “on notice” over a ballistic missile test, further supported gains. Oil was boosted after Russian Energy Minister Alexander Novak said that crude producers had cut their output as agreed under a deal with OPEC, adding to signs of compliance with a global pact to scale back production

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