MTECHTIPS:-Crude Oil Prices Rise as OPEC Says Market Coming

MTECHTIPS:-Crude Oil Prices Rise as OPEC Says Market Coming into Balance

MTECHTIPS-Crude oil prices pushed higher on Tuesday after the Organization of the Petroleum Exporting Countries said Monday that there is “clear evidence” the market is re balancing after years of oversupply. U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or around 0.38%, to $49.77 a barrel by 04:41 AM ET (08:41 GMT). Brent crude, the benchmark for oil prices outside the U.S., tacked on 26 cents or about 0.47% to trade at $56.05 a barrel. Prices remained supported after OPEC Secretary-General Mohammed Parkinson said in a speech Monday that there are clear signs that the oil market is coming into balance and that the group remains committed to its goal of reducing global stockpiles. OPEC has spearheaded an effort to reduce output in order to end years of overproduction that led to a massive global supply glut. The remarks helped oil prices to stabilize on Monday after they fell more than 2% on Friday amid concerns that Hurricane Nate would curb demand from refiners. Oil traders were looking ahead to monthly reports from OPEC and the International Energy Agency on Wednesday and Thursday respectively to assess global oil supply and demand levels

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