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Oil Futures Quiet in Asia After Overnight Rebound

Oil Futures Quiet in Asia After Overnight Rebound

10/06/2017

 By Biman Mukherji 

--Oil futures remained down very slightly in Asian trading, holding on to near-2% gains overnight as discussions between Saudi Arabia and Russia buoyed hopes about an ongoing output cap by major producers.

--November Nymex light, sweet crude oil on the New York Mercantile Exchange was recently down 6 cents at $50.73 a barrel in the Globex trading session. ICE December Brent eased 5 cents to $56.95.

--Some analysts' views have been brightening of late. BMI Research ticked up both 2018 and long-term price forecasts for Brent, saying investors are overestimating potential further growth in U.S. shale-oil production while underestimating how global output will be constrained by the past several years' slump in capital spending.

 

Write to Biman Mukherji at biman.mukherji@dowjones.com

 

(END) Dow Jones Newswires

October 06, 2017 00:37 ET (04:37 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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