Oil prices edge up on hopes global supplies will tighten
Updated : December 14, 2018 08:45 AM IST
OPEC's output agreement with Russia and Canada's decision to mandate production cuts could create an oil market supply deficit by the second quarter of next year, if top producers stick to the deal, the International Energy Agency said in its monthly Oil Market Report.
US crude inventories at Cushing, Oklahoma, the delivery point for US crude futures, fell by nearly 822,000 barrels in the week through Dec. 11, traders said, citing data from market intelligence firm Genscape.
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