MTECHTIPS:-Crude Oil Futures – Weekly Outlook: September 25 – 29

MTECHTIPS:-Crude Oil Futures – Weekly Outlook: September 25 – 29

MTECHTIPS;-Oil prices settled a bit higher on Friday, hovering close to their best levels in months amid optimism that the crude market was starting to re balance. U.S. West Texas Intermediate (WTI) crude futures tacked on 11 cents, or around 0.2%, to end at $50.66 a barrel by close of trade, not far from its highest level since May 25 at $51.11 reached on Wednesday. For the week, U.S. oil prices gained about 1.5%, their third-straight weekly climb. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., rose 43 cents, or roughly 0.8%, to settle at $56.86 a barrel after touching a more than six-month peak of $56.91 earlier in the session. The global benchmark closed the week with a gain of 2.2%, its fourth-consecutive weekly climb. Major oil producers convening in Vienna for an OPEC-led committee meeting on Friday boasted record compliance with their production-cut agreement, but, as expected, decided to wait a bit longer to see if any further action was needed. OPEC and non-OPEC compliance with the deal to curb output rose to 116% in August, the committee said, a strong increase from the 94% compliance achieved a month ago. Kuwaiti Oil Minister Essam al-Marzouq, who chaired the meeting, said the market “is evidently well on its way towards re balancing

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