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MTECHTIPS;-Oil Prices Turn Higher As Traders Digest OPEC Report

Tuesday, May 15, 2018 0:43

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MTECHTIPS;-Oil Prices Turn Higher As Traders Digest OPEC Report

MTECHTIPS- Oil prices shook off earlier weakness to trade higher on Monday, after OPEC said a global glut has been virtually eliminated thanks in part to ongoing OPEC-led supply cuts and fast-rising global demand. OPEC said in its monthly report published earlier that oil inventories in developed nations in March fell to 9 million barrels above the five-year average. That’s down from 340 million barrels above the average in January 2017. “The oil market was underpinned in April by renewed geopolitical issues, tightening product inventories and robust global demand,” OPEC said in the report. As well as OPEC’s voluntary cuts, a plunge in Venezuelan oil output due to economic crisis and the United States’ departure from a nuclear deal with OPEC member Iran have supported prices. OPEC signaled it was ready to step in should “geopolitical developments” impact supply

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