Oil Investors close positions as Tropical Storm approaches Gulf of Mexico

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By MG News | October 06, 2017 at 03:19 PM GMT+05:00

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Oil markets were rather skeptical and cautious as they watched a tropical storm over the Mexican Gulf. But the talks of extension by Russia and Saudi Arabia shook markets with positivity.

U.S. West Texas Intermediate (WTI) crude was trading at $50.76 per barrel at 0333 GMT, down 3 cents from its last close. 

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Brent crude was down 4 cents at $56.96 a barrel. The activity was less compared to other days, as China was observing a Golden Week holiday. The investors were also preoccupied with storm brewing in the Gulf of Mexico.

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King Salman of Saudi Arabia, OPEC's de-facto leader, met with Russian President Vladimir Putin in Moscow on Thursday to discuss, among other things, oil policy.

Saudi Arabia made no firm pledge to extend a deal between OPEC, Russia and other producers on cutting supplies but said it was "flexible" regarding suggestions to prolong the pact until the end of 2018.

A deal to cut around 1.8 million bpd in production has been in place since January and is due to expire at end-March 2018.

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198.95M
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764.01
KSE30 40,387.76
80.88M
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KMI30 191,376.82
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KMIALLSHR 55,193.97
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Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
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BRENT CRUDE 68.51 68.89
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RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
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0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
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USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
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CRUDE OIL - WTI 66.50 67.18
66.04
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SUGAR #11 WORLD 16.37 16.40
15.44
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