Oil futures edge off low on Opec output

CRUDE OIL
CRUDE OIL

CRUDE oil futures edged away from their lowest in more than two months yesterday, lifted by a dip in Opec production, although swelling US stockpiles triggered by ongoing oversupply kept the market outlook bleak.

A 256 000 barrels-per-day (bpd) fall to 31.38 million bpd in output by Opec helped to lift internationally traded Brent by 28 cents from its last settlement to $44.34 per barrel in morning trade.

Still, the contract remained close to August lows.

US crude was at $41.75 a barrel, flat to its last settlement and also close to August lows. The benchmark closed down on Thursday almost 3% on a 4.2 million-barrel rise in US crude inventories.

Despite the dip in output, Opec said it expected an oil surplus to extend into next year.

This story appeared in Weekend Post on Saturday, 14 November, 2015 e-Edition

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