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MTECHTIPS:-NYMEX crude holds weaker in Asia with IEA report eyed

Monday, October 10, 2016 5:09

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MTECHTIPS:-NYMEX crude holds weaker in Asia with IEA report eyed

MTECHTIPS- Crude prices held weaker in Asia on Monday with investors looking near term to a demand and supply forecast from the IEA. On the New York Mercantile Exchange, crude oil for delivery in November fell 0.92% to $49.35 a barrel. On the ICE Futures Exchange in London, Brent oil for December delivery dropped 0.87% to $51.48 a barrel. On Tuesday, the International Energy Agency (IEA) will release its monthly report on global oil supply and demand. Last week, oil futures fell for the first time in three sessions on Friday, but still scored their third weekly gain in a row as market players awaited details of a planned output cut by the Organization of the Petroleum Exporting Countries. The oil cartel reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels per day, a reduction of 0.7%-to-2.2% from its current output of 33.2 million barrels. However, market analysts remained skeptical of the deal, pondering how such a plan would be implemented.

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MTECHTIPS:-NYMEX crude holds weaker in Asia with IEA report eyed

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07489294118-119

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