MTECHTIPS;-Crude oil prices to trade higher

MTECHTIPS;-Crude oil prices to trade higher

MTECHTIPS- oil prices rose by 1.6 percent to close at $48.4 per barrel after U.S. crude inventories declined for the eighth straight week and as a storm approached the Gulf Coast with the potential to disrupt oil and refined products output. Libya’s rising output is a headache for the Organization of the Petroleum Exporting Countries, which together with non-OPEC producers including Russia have pledged to cut around 1.8 million bpd of supplies between January this year and March 2018 in an attempt to remove a global glut.We expect oil prices to trade higher today on account of support coming from inventory withdrawals in the US. However, Libya’s rising output remains a cause of concern for oil markets

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