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Oil Prices Stabilise

Oil prices are currently trading flat, after the Organisation of Petroleum Exporting Countries (OPEC) stated that the market is gradually tightening, after years of oversupply.

This comes as OPEC forecasts higher demand for its oil in 2018 and its production-cutting deal with rival producers was clearing the glut after more than three years of excess.

Brent crude futures, the International Benchmark for oil prices, were trading at 56 dollars 57 cents per barrel, down 4 cents, after closing 2 percent higher the previous day, while US West Texas Intermediate crude futures were trading 5 cents higher at 50 dollars 97 cents per barrel.

In the meantime, Investment Bank Barclays raised its Brent crude price outlook for the first quarter of 2018 to 56 dollars a barrel.

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