Tokyo — Oil prices edged higher from one-month lows in early trading in Asia on Tuesday after Opec agreed on a long-term strategy that was seen as an indication the cartel was reaching a consensus on managing production. But the gains were limited as the market was weighed down by further indications of record output from the group, a sign the glut that has kept a lid on prices is not draining away as fast as the oil bulls would like. US West Texas Intermediate (WTI) futures were up 10c at $46.96 a barrel at 4.56am GMT. They plunged nearly 4/oz to $46.86 a barrel in the previous session. Brent for January delivery, the new front-month contract, was up 29c at $48.90 a barrel. The previous front-month contract fell nearly 3% before expiry on Monday. Opec approved a document on Monday outlining its long-term strategy that would mean returning to its role managing the market and being more proactive in anticipating market changes. But the oil grouping had setbacks earlier, raising quest...
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.