Oil Prices Stable On Healthy Demand, But Oversupply Looms Later In 2018

Oil prices held steady on Thursday, supported by healthy global demand but capped by the relentless rise in U.S. production that is undermining efforts led by producer cartel OPEC to cut supplies and prop up markets. U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.3 percent, to $61.13 a barrel by 0245 GMT.
Brent crude futures were at $65 per barrel, up 11 cents, or 0.2 percent. Reuters technical commodity analyst Wang Tao said market signals for Brent pointed to a continuation of recent sideways movements, although he added that technical chart indicators were indicating the current sideways move may end very soon. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774