The level of compliance with the output-reduction deal and the outlook for rising global demand should balance the market in the first half, meaning the six-month accord probably won’t need to be extended, Saudi Arabia’s Energy Minister Khalid Al-Falih said. Bloated global oil inventories should start to decline, said United Arab Emirates Energy Minister Suhail Al Mazrouei. The dollar weakened after President-elect Donald Trump said the U.S. currency is already “too strong.” Brent for March settlement traded at $56.48 a barrel, up 62 cents, on the London-based ICE Futures Europe exchange at 12:14 p.m. in London. The contract gained 41 cents to $55.86 a barrel on Monday. Prices have averaged about $55 since the start of December. The global benchmark crude traded at a premium of $2.63 to West Texas Intermediate. click Read More below for more of the story
Oil prices rose on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, after three days of losses on lingering fears about a weakening global economy.
U.S. data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month.
more at: https://www.cnbc.com/2019/09/04/oil-markets-global-economy-in-focus.html