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Oil rises above $64 as market seeks new floor

by Editor

November 10, 2017 | 4:38 pm
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Brent oil has gone above sixty four dollars a barrel again as the supply glut in the global market continues to ease.

Oil is trading at $64.7 Friday after a Saudi announcement that it plan to cut exports 120,000bpd from December.

In the US, oil imports from Saudi recently fell to the lowest weekly level since 2010.

While further curtailed exports to the US shows that Saudi continue to target US inventories, the overall month on month cut in December is in line with normal seasonality.

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by Editor

November 10, 2017 | 4:38 pm
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