Oil prices are tracking higher on reports that production in U.S. and Russia fell during the third quarter.
While oil prices are forecast to remain fairly steady for the balance of the year, many market watchers think upward pricing pressure is fading away with Saudi Arabia believed to have restored capacity to 11.3M barrels per day after the attack on September 14 knocked out 5.7M bpd of output. "Demand growth is weakening, oil supply outside OPEC is rising significantly and OPEC+'s production discipline has recently faded," noted Commerzbank analyst Carsten Fritsch.
In today's early action, WTI crude oil futures +1.0% to $54.61/bbl and Brent crude +0.9% to $59.81/bbl.
Now read: USO: Bearishness Restarts »
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