Oil steadies but supply concerns continue to weigh

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Oil steadies but supply concerns continue to weigh

MCX Crude Oil Update:


Oil steady Monday when striking 10-month last week however remained besieged on provide considerations.
U.S. crude was up fifteen cents, or 0.35%, at $43.16 at 08:45 ET. brant additional twelve cents, or 0.26%, to $45.87.
Oil received some support from a weaker greenback as prospects for an additional U.S. rate hike low-beam.
A weaker greenback underpins demand for oil. Investors noted an additional increase in U.S. drilling activity.
Baker Hughes Friday reported an increase within the U.S. rig count of eleven to 758 within the latest week.
That was the very best level since Apr 2014. Higher U.S. output has undermined output cuts by major producers in an effort to re-balance provide and demand.
OPEC and non-OPEC producers have united to curb output by 1.8 million barrels on a daily basis.
The accord has been extended for an additional 9 months to March of next year.

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