By Srinivas Chowary Sunkara // petrobazaar // 21-11-2017
Crude oil prices rose on Tuesday above 0.5%. Prices are largely supported by the expectation of the production cuts from OPEC member countries despite of the non-OPEC countries stay away from the pact. Investors and traders are cautious on the recent Russia comments which is restraining them to wait and watch for the direction. Geo-political tensions in the middle east also supported the oil prices. Reports of fall in U.S crude stocks is another bullish factor driving the prices. market is worrying on the increasing operational rig numbers in U.S and increased production numbers are capping the upward movement of prices.
WTI and Brent price trend
U.S crude oil futures, WTI rose around 41 cents at $56.83 per barrel while Brent futures were up 27 cents at $62.49 a barrel by 2:25 p.m ET.