By Srinivas Chowdary Sunkara // Petrobazaar // 30th Oct, 2017.
Crude Oil prices are flat and still hovering above $60 on Monday. Reports of signalling extention of production cuts by OPEC cartel, backed by Saudi and Russians predominantly fuelled the oil prices today.
High compliance rate by OPEC, Roaring oil demand along with strong global macro economics are the other factors accelerating the re balancing of the oil market. Uncertainity over Iraq's shipments although partly resumed in Kurdish region, Sanctions on Iran, Libya's production are concerns need to be cleared. Oil prices have raised above 4% during last week. Brent futures are over 37% above the 2017 lows marked in June. Analysts are indicating that both the benchmark futures are reached above over bought level.
WTI, Brent price today
U.S crude futures, West Texas Intermediate (WTI) for December delivery rose 15 cents or 0.28% at $54.05 after touching a day's high of $54.46 a barrel on Nymex while International crude, Brent futures to be delivered in December went up by 12 cents or 0.2% at $60.56 after touching $61 levels during the trading hours. Brent is trading at a premium of $6.51 per barrel at the time of reporting by 22:35 IST.