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27-Oct2017

Crude futures end near multi-month highs on optimism of end to the global supply glut in 2018

Crude oil futures rallied on Thursday, nearing their multi-month highs amid optimism the global supply glut will end in 2018. Prices moved higher also on growing expectations that Opec would extend its supply-cut agreement amid bullish comments from Saudi Arabian Crown Prince Mohammed bin Salman. He insisted that Opec need to continue stabilizing the market. The bullish comments helped turn sentiment on oil prices positive amid investor concerns over recent data showing both U.S. crude supplies and domestic production jumped last week. 

Benchmark crude oil futures for December delivery ended higher by 46 cents or 0.9 percent at $52.64 a barrel on the New York Mercantile Exchange. Brent crude for December delivery gained 44 cents to $59.30 a barrel on the ICE. 

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