MTECHTIPS;-Crude mixed in Asia in narrow ranges with re balance views

MTECHTIPS;-Crude mixed in Asia in narrow ranges with re balance views growing

MTECHTIPS – Crude oil prices were narrowly mixed among the two main benchmarks on Monday in Asia with the market poised to accept a re balancing in global supply and demand is underway, but curious on potential new supplies from produces such as Libya, Nigeria and the U.s. upsetting those views.The U.S. West Texas Intermediate crude September contract edged up 0.02% to $48.67 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery fell 0.04% to $52.70 a barrel. London-traded Brent futures have been buoyed by recent signs that global supplies are tightening. OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and re balance the market. Last week, oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally amid reports of a unit shutdown at one of the largest oil refineries in the U.S., as well as data showing a weekly fall in the number of active domestic oil rigs. Traders piled into crude contracts after reports surfaced that a unit at Exxon Mobil’s Baytown, Texas refinery shut down. The 584,000 barrel-a-day plant is the second-largest refinery in the U.S

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