MTECHTIPS;-Crude oil futures – weekly outlook: August 14 – 18

MTECHTIPS;-Crude oil futures – weekly outlook: August 14 – 18

MTECHTIPS-Oil prices settled higher on Friday, but still ended the week with a loss amid lingering concerns over a global supply glut. Aside from supply and demand, investors also closely followed developments in the U.S.-North Korea standoff. The U.S. West Texas crude September contract tacked on 23 cents, or around 0.5%, to end at $48.82 a barrel. It slumped to its lowest in around two-and-a-half weeks at $47.98 earlier in the session. Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery inched up 20 cents, or about 0.4%, to settle at $52.10 a barrel by close of trade. For the week, WTI lost 76 cents, or about 1.5%, while Brent dipped 32 cents, or roughly 0.6%, amid indications that OPEC members boosted production in July, despite the current pact to reduce output. The International Energy Agency said OPEC’s compliance with the cuts had fallen to 75% last month, the lowest since the deal began in January. The bearish compliance data comes a day after OPEC released its monthly report, showing production from the group rose further in July, led by gains in Libya and Nigeria, two members exempt from the cuts, and top exporter Saudi Arabia
MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119