Oil mixed as Opec cites uncertain market outlook for the rest of the year
New York — Oil prices were mixed on Tuesday, with US crude gaining and Brent crude largely unchanged, as investors prepared for a key meeting of oil cartel Opec next week. Brent crude futures dipped 3c to trade at $76.43 a barrel by 3.30pm GMT, while US West Texas Intermediate (WTI) crude futures climbed 36c to $66.46. "I was looking for an up day [for WTI] — in just a few weeks it had fallen from about $73 [a barrel] to $65 ... and even for the window of seasonal decline, that’s a big move to go uncorrected," said Walter Zimmerman, chief technical analyst at ICAP Technical Analysis, adding that short-covering ahead of next week’s Opec meeting also provided some support to prices. Opec released its monthly report on Tuesday, saying a high degree of uncertainty was hanging over the global oil market. Opec and other producing countries, including Russia, have cut oil output by 1.8-million barrels per day (bpd) since January 2017 in an effort to boost the market. The group holds its ne...
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