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MTECHTIPS:-Crude prices hold above $50 a barrel with eyes on OPEC

Tuesday, October 18, 2016 3:42

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MTECHTIPS:-Crude prices hold above $50 a barrel with eyes on OPEC

MTECHTIPS- U.S. oil rose on Monday, and managed to stay above the $50 a barrel threshold as investors continued to eye the details of a planned output cut by the Organization of the Petroleum Exporting Countries. U.S. crude futures for November delivery were up 0.20% at $50.44 a barrel. On the ICE Futures Exchange in London, the December Brent contract gained 0.40% to trade at $52.18 a barrel. The Organization of the Petroleum Exporting Countries reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels per day in talks held on the sidelines of an energy conference in Algeria late last month. However, market analysts remained skeptical of the deal, pondering how such a plan would be implemented. The 14-member oil group said it won’t finalize details or complete its production agreement until the group’s next official meeting in Vienna on November 30. Separately, crude prices came under some pressure as the U.S. dollar strengthened broadly after U.S. retail sales rose 0.6% in September, in line with expectations and after a revised 0.2% fall the previous month.

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