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Oil Prices Rise as Investors Focus on U.S. Database


Oil futures climbed toward the $50 level on Thursday, driven higher by a bullish outlook following weekly U.S. inventory data, but market participants expected the commodity to trade in a narrow range ahead of a OPEC meeting next week. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU7, -0.67% climbed 23 cents, or 0.5%, to $49.84 a barrel, after trading as low as $49.12 earlier in the session.

U.S. shale producers have been the biggest headwind to OPEC’s efforts to stem output.

October Brent crude LCOV7, -0.29% on London’s ICE Futures exchange rose 38 cents, or 0.7%, to $52.74, bouncing back from a loss of as much as 0.9% earlier on Thursday. Oil has experienced fitful trade over the past several weeks, but has managed to drift higher within range of its 200-day moving average at $49.45 a barrel.

Source:[/vc_column_text][tm_spacer size=”lg:40″][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][tm_image full_wide=”1″ image=”640″ caption=”Improving agricultural productivity will be an essential aspect in the future.”][tm_spacer size=”xs:55″][/vc_column][vc_column width=”1/2″][tm_heading tag=”div” custom_google_font=”” text=”Meanwhile, an agreement led by the cartel and major crude producers is set to expire at the end of the first quarter in 2018.”][tm_spacer size=”lg:32″][tm_list list_style=”circle-04″ columns=”xs:1;lg:1″ items=”%5B%7B%22item_title%22%3A%22Production%20techniques%20(e.g.%2C%20irrigation%20management%2C%20recommended%20nitrogen%20inputs)%22%7D%2C%7B%22item_title%22%3A%22Improving%20agricultural%20productivity%20in%20terms%20of%20quantity%20and%20quality%20(e.g.%2C%20selection%20of%20drought-resistant%20crops%20and%20animals)%22%7D%2C%7B%22item_title%22%3A%22Minimizing%20the%20effects%20of%20pests%20(weeds%2C%20insects%2C%20pathogens%2C%20nematodes)%20on%20crop%20or%20animal%20production%20systems.%22%7D%5D”][/vc_column][/vc_row]

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