MTECHTIPS:-Crude Oil Prices Settle Nearly 3% Higher as Saudi

MTECHTIPS:-Crude Oil Prices Settle Nearly 3% Higher as Saudi Vows to Slash Exports

MTECHTIPS-Crude oil prices settled sharply higher on Tuesday after DE fact OPEC leader Saudi Arabia vowed to reduce monthly crude exports amid expectations that market re balancing is underway. On the New York Mercantile Exchange crude futures for November delivery rose 2.7% to settle at $50.92 a barrel, while on London’s Intercontinental Exchange, Brent 1.68% to trade at $56.48 a barrel. Crude oil prices had their best day in two weeks as sentiment turned positive after Saudi Arabia pledged to cut its November crude oil exports by 7% or 560,000 barrels a day, compared with the same period last year in order to strengthen the market re balancing process. The gap between supply and demand in oil markets is expected to narrow further in the coming months amid a surge in global demand growth which has lifted oil prices above $50 a barrel. “The strongest global demand growth we have seen in at least the last two years, if not longer, gets some of the credit it appears that [the Organization of the Petroleum Exporting Countries] sees the glut of oil almost gone,” said Phil Flynn, senior market analyst at Price Futures Group
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