Amsterdam — Oil prices traded close to five-month highs on Tuesday, after fresh data showed key Middle Eastern producers continued to cut supply in line with an Opec-led deal aimed at ending a crude glut. A weaker US dollar also lent support to greenback-denominated commodities such as oil, traders said. Benchmark Brent crude futures were up 31 US cents at $55.79 a barrel at 9.57am GMT, not far off a five-month high of $55.99. US West Texas Intermediate (WTI) crude futures were up 44c at $50.35 per barrel. Sentiment has been buoyed since last week when the International Energy Agency (IEA) lifted its 2017 demand outlook and oil cartel Opec estimated the world would need more of its crude in 2018. "The bullish trend for oil is fed by a few factors like upward revisions in oil demand from Opec and IEA, Saudi Arabian exports dropping to a three-year low in the [northern hemisphere] summer and, last but not least, the continuing weakness of the US dollar," said Frank Schallenberger, hea...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.