TOKYO: Oil prices were lower on Friday but largely held gains that had prices flirting with multi-month highs, as the cleanup after hurricanes in the United States gathered pace and the outlook for demand took on a firmer tone. On Wednesday, the IEA said a global oil glut was shrinking thanks to strong European and U.S. demand, as well as production declines in OPEC and non-OPEC countries. BP Chief Executive Bob Dudley told Reuters in an interview that oil prices were likely to stay between $50 and $60 as major producers kept output restricted. U.S. crude rose 59 cents to settle at $49.89 a barrel and benchmark Brent settled up 31 cents at $55.47. BP Chief Executive Bob Dudley told Reuters in an interview that oil prices were likely to stay between $50 and $60 a barrel as major producers kept output restricted.

Source: The Star September 14, 2017 23:28 UTC