Singapore — Oil markets were firm on Monday and remained near multi-month highs reached late last week as the number of US rigs drilling for new production fell and refineries continued to start up after getting knocked out by Hurricane Harvey. US West Texas Intermediate (WTI) crude futures were at $49.89 a barrel at 2.32am GMT, unchanged from their settlement last Friday and still close to the more than three-month high of $50.50 briefly reached on Thursday. Thomson Reuters technical analyst Wang Tao said WTI was poised to break above $50 a barrel. "US oil is poised to break resistance at $50.43 a barrel, as suggested by an inverted head-and-shoulders, the wave pattern and a Fibonacci projection analysis," he said. Brent crude futures, the benchmark for oil prices outside the US, were at $55.67 a barrel, up 5c and not far off the almost five-month high of $55.99 on Thursday. "Demand forecasts from Opec and the IEA [International Energy Agency] … continued to improve sentiment in th...
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