November WTI crude climbed by over two dollars to settle at US$48.53 a barrel on the Nymex- the highest settlement since Aug. 31. November Brent crude on London’s ICE Futures exchange rose by 5.4% to US$51.9 a barrel. Oil futures logged their highest settlement in five weeks on Tuesday, as the Organization of the Petroleum Exporting Countries forecast big cuts to oil investments that are expected to ease production and reduce global crude supplies, as per Marketwatch.com. Speculation over a possible meeting among the major oil producers also provided support for oil prices, ahead of weekly updates on U.S. petroleum supplies.
OPEC Secretary-General Abdalla Salem el-Badri expects global oil-and-gas project investments to be down by 22.4% this year. Additionally, the Energy Information Administration estimated that crude production was 120,000 bpd lower in September than in August and said that output is expected to continue to decline through next August.
News of a potential cooperation between OPEC and Non-OPEC oil producers also helped lift crude oil prices. But both Nymex and Brent prices have still fallen by roughly 9% year to date.
07-Oct-15 
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