Oil Rises On Firm Short Term Demand Outlook; Overall Market Still Weak - Dollar Advisory & Financial Services

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Tuesday 11 July 2017

Oil Rises On Firm Short Term Demand Outlook; Overall Market Still Weak

Oil rises on firm short-term demand outlook; overall market still weak

Oil prices edged up early on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of ample supplies and a more subdued outlook for long-term demand.

Brent crude futures were at $47.13 per barrel at 0147 GMT, up 25 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate crude futures were at $44.64 per barrel, up 24 cents, or 0.5 percent.

Traders said the uptick in prices was in part due to healthy demand expected in the coming weeks.

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