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Oil Futures Retreat From Overnight Gains in Asia

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11/10/2017 | 05:31am CET
   By Biman Mukherji 
 

--Oil futures were lower in Asian trading on Friday, retreating from overnight gains in the U.S.

--December, light crude on the New York Mercantile Exchange was recently down 0.3% at $57.01 a barrel in the Globex training session. January Brent also fell by the same percentage margin to $63.73.

--Oil futures have hit mid-2015 highs recently in the run-up to a meeting of the Organization of the Petroleum Exporting Countries later this month, at which the ongoing production caps will likely to be further extended.

--In the wake of tensions in Saudi Arabia following a purge of some officials, ANZ says the events "raise the probability of Saudi Arabia taking a more aggressive stance on production curbs." Thus, it expects the curbs to remain in place longer than expected.

Write to Biman Mukherji at [email protected]

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