Oil prices traded in the green on Thursday as investors digested the International Energy Agency (IEA) report, stating the upwards revised crude demand for 2017 yesterday. American benchmark West Texas Intermediate topped $50 per barrel mark as the markets opened for trading on Wall Street, reflecting improved consumer confidence.
Meanwhile, market watchers were also reassured after OPEC members and other major oil producers reported greater compliance with the output cut deal for August compared to the month before that. In December 2016, OPEC and 15 other crude exporters agreed to cap the global production of oil by as much as 1.8 million barrels per day in order to stabilize the energy market. The agreement is put in place until March 2018, but a further extension is also possible.
WTI for October delivery rose 1.4%, changing hands for $50 per barrel at 3:47 pm CET while the international benchmark Brent for settlements in November added 0.91% to trade for $55.66 per barrel at 3:28 pm CET.
