Crude prices edge up as traders look to American inventory data
On Wednesday, crude futures ascended during early Asian trade, pushing up higher as market participants keep weighing the prospect of a supply deal by the OPEC and also look ahead to American crude inventory data.
During the Globex electronic session November delivery sweet, light crude futures rose 0.9%, trading at $49.15 per barrel. As for Brent crude futures, they gained 0.8%, hitting $51.30.
Prices have surged steeply the previous week in the wake of an agreement to lock in an output cut by OPEC members. While the cartel has lost a great deal of its clout in the energy market as shale crude output in American has soared, many experts still consider a cut as offering to be a meaningful floor for prices.
The previous week in Algiers, the OPEC reached a tentative agreement to drop daily output to between 32.5 million and 33 million barrels. Further details are expected to be discussed at OPEC’s official gathering in Vienna next month.