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Crude Oil Gains Ahead of OPEC Meeting, Natural Gas Ticks Up

November 2, 2017 at 22:56 by Vladimir Vyun

Prices for crude oil rose today amid hopes that oil production cuts led by the Organization of Petroleum Exporting Countries and Russia will help to rebalance the market, eliminating global oversupply. The OPEC will meet at the end of November, and it is widely expected that the organization will extend output limits. Additionally, some market analysts argued that production costs make it hard for US producers to profit at the current price level, therefore they may slow opening of new oil platforms. Futures for delivery of WTI crude oil in December gained 0.84% to $55 per barrel as of 22:47 GMT on NYMEX today. January contract for Brent crude advanced 0.21% to $60.62 per barrel on ICE.

Futures for natural gas rose a bit as well today even though US inventories grew slightly more than was expected. The Energy Information Administration reported that the reserves increased by 65 billion cubic feet. That was a bigger increase than the predicted 63 billion and the previous week’s 64 billion. December contract for natural gas edged higher by 0.07% to trade at $2.94 per million British thermal units on NYMEX today.

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