MTECHTIPS:-NYMEX crude higher in Asia as production cuts underway

MTECHTIPS:-NYMEX crude higher in Asia as production cuts underway

MTECHTIPS-Crude prices gained in Asia on Friday with investors noting reports that both OPEC and non-OPEC have moved to implement plans to cut output. Reports say OPEC members Saudi Arabia, Kuwait, Abu Dhabi and non-OPEC countries Russia and Oman have issued instructions to oil companies and customers on implementing production cut plans at the start of 2017. OPEC plans cuts of 1.2 million barrels per day (bpd) and non-OPEC countries eye cuts of 558,000 bpd. On the New York Mercantile Exchange crude oil for January delivery rose 0.43% to $51.12 a barrel. Global benchmark Brent was last quoted at $54.02 a barrel on London’s Intercontinental Exchange. On Friday in Asia, the data calendar is light on energy-focused indicators. The market is also keyed on U.S. rig count data from oilfield services provider Baker Hughes. Last week, data showed the U.S. rig count up 27 rigs from last week to 624, with oil rigs up 21 to 498, gas rigs up 6 to 125. Among other non-OPEC members, Oman told customers it plans 45,000 bpd in output cuts. The cuts will largely fall on customers in ASia and Europe, though not evenly, While Saudi Arabia has told U.S. and European customers it will reduce oil deliveries from January with details to follow.
WWW.MTECHTIPS.COM

07489294118-119