Oil futures edged higher on Monday to recoup a small portion of the loss they suffered at the end of last week. “The crude complex has seen consistent headwinds over the past two weeks as the market continues to discount any geopolitical risk premium,” and demand concerns have led to risks for a fall in oil prices, said Robbie Fraser, manager, Global Research & Analytics, at Schneider Electric. Still, on the bullish side, production cuts by Saudi Arabia and Russia remain the most important supply factor and the two countries have confirmed plans to maintain their output cuts through the end of the year, in line with consensus expectations, he said. December West Texas Intermediate crude
CLZ23,
rose 31 cents, or 0.4%, to settle at $80.82 a barrel on the New York Mercantile Exchange, off the session’s high of $82.24.
Read the full article here