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Forecasts of Oil-Stock Drop: Data Released Tonight

By Eleanor Bridger  |  24/10/2017 17:48
The EIA received another boost during expectations that major global producers may extend a deal that would curb production beyond its current expiry date in March.

The original deal was struck nearly a year ago, between OPEC and 10 other non-OPEC countries that are led by Russia. This cut production by 1.8 million barrels a day for six months. Since, it was extended in May for a period of nine months - March 2018 - in the hopes of reducing global oil inventories and support prices.

U.S. West Texas Intermediate (WTI) crude futures was little changed at $51.91 a barrel by 3:05AM ET (0705GMT).

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., was stable at $57.41 a barrel.

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Author's Other Opinion & Analysis

  • Update: ECB Extends Tapering Program
    By Eleanor Bridger  |  26/10/2017 14:57

    Market update on the ECB announcing to extend its tapering program.

  • ECB May begin normalising Policy
    By Eleanor Bridger  |  24/10/2017 17:44

    The ECB is expected to announce whether it plans to continue its quantitative easing program or slowly unwind it on Thursday

  • Market Alert: Dollar Steady/Fed Leader Speculation
    By Eleanor Bridger  |  24/10/2017 17:41

    The dollar was trading highs against an array of other major currencies on Tuesday. This comes as President Donald Trump told reporters on Monday that he is “very, very close” to deciding who will lead the Fed.  

  • How are US stocks performing in Q3?
    By Eleanor Bridger  |  17/10/2017 15:35

    Investors are focused on the US earnings season, it’s growth is being driven by tech,energy and financial giants - accounting for more than 70% growth between them.

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