Oil Rises On Signs Of Gradual Tightening In Global Supply

One America News Network | 3/14/2017 | Staff
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SINGAPORE (Reuters) – Oil prices climbed on Wednesday on signs of gradual tightening in a market bloated by years of overproduction that has left storage tanks around the world brimming with unsold fuel.

Prices for front-month Brent crude futures, the international benchmark for oil, were at $54.28 per barrel at 0149 GMT, up 11 cents from their last close.

United - States - West - Texas - Intermediate

In the United States, West Texas Intermediate (WTI) crude futures were up 16 cents at $51.19 a barrel.

Traders said that slowly tightening market conditions were driving price rises, with the Organization of the Petroleum Exporting Countries (OPEC) leading an effort to cut output.

OPEC - Crude - Tankers - Ship - Movements

With most of OPEC’s crude exported on tankers, tracking ship movements can be a good gauge of market conditions.

Shipped oil supplies have reduced by as much as 17 percent since the beginning of the year, according to oil analysis firm Vortexa.

Reduction - Oil - Supply - January - Oil

“We have seen a significant reduction in global oil supply since January, with oil on water going from 978 million barrels on Jan. 1 to 812 million barrels on...
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