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.
