Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS:-Crude Oil Futures – Weekly Outlook: November 21 – 25

Monday, November 21, 2016 0:28
% of readers think this story is Fact. Add your two cents.

MTECHTIPS:-Crude Oil Futures – Weekly Outlook: November 21 – 25



MTECHTIPS- Oil futures finished higher on Friday, logging their first weekly gain in more than a month amid optimism that OPEC will agree to production cuts at a meeting scheduled for the end of the month. On the ICE Futures Exchange in London, Brent oil for January delivery tacked on 37 cents, or 0.8%, to settle at $46.86 a barrel by close of trade Friday. It rallied to $47.62 the day before, the highest since November 2. For the week, London-traded Brent futures logged a gain of $2.11, or 4.5%, after posting losses in each of the past four weeks. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in December inched up 27 cents, or 0.59%, to end the week at $45.69 a barrel. The contract touched $46.58 on Thursday, a level not seen since November 1. New York-traded oil futures rose $2.28, or 5%, on the week, after three straight weekly declines. The December contract expires at the end of Monday’s session. OPEC is moving closer toward finalizing its first deal since 2008 to limit oil output, with most members prepared to offer Iran significant flexibility on production volumes, ministers and sources said on Friday. Several OPEC oil ministers including Saudi Arabia’s Khalid al-Falih met in Doha on the sidelines of a gas forum Friday. Iranian officials attended the gathering although minister Bijan Zanganeh did not come. At the meeting, OPEC member countries proposed Iran cap its oil output at 3.92 million barrels per day (bpd), according to a source familiar with the proposal.





We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.