Global Markets

Crude oil prices buoyant as stocks fall

Rising demand is gradually absorbing the glut in crude oil supplies, keeping prices close to recent highs Rising demand is gradually absorbing the glut in crude oil supplies, keeping prices close to recent highs.
By Peter Stewart 25 October 2017 0 28117
Assorted oil barrels. Oil barrels. (Microsoft)

Crude prices have remained close to recent highs as further evidence has emerged that the global oil market is gradually rebalancing.

Although strong exports of crude oil from the United States in recent weeks have kept a lid on prices, global stocks appear to be declining as the supply glut is gradually absorbed by rising demand.

US benchmark West Texas Intermediate futures closed at their highest level in six months on 24 October, at $52.40 per barrel, while the Brent international benchmark hit a high of $58.57/bbl...