OIL PRICES STEADY SENTIMENT BEARISH

OIL PRICES STEADY SENTIMENT BEARISH

Oil prices edged up on Friday, stabilising after five straight days of falls triggered by a surge in US crude inventories and doubts over the ability of producers to coordinate output cuts.   Brent crude futures were up 16 cents, or 0.35 per cent, at $46.51 per barrel at 1220 GMT.  US West Texas Intermediate (WTI) futures rose 17 cents, or 0.4 per cent, to $44.83.   Despite the slight increases, traders said sentiment was bearish. Brent fell for the past five straight trading sessions and is down over 13 per cent since its recent peak in mid-October.    "The persistent market dynamic of softer demand and stronger supply will become a more dominant driver of prices as the impact of OPEC 's verbal interventions begins to fade and expectations for coordinated cuts are readjusted," BMI Research said in a note to clients.    "We see a trading range of $43-53 per barrel leading oil markets into the new year and we maintain our forecasts of an average 55 per barrel and $53.5 per barrel for Brent and WTI respectively for 2017," it added.    Analysts said markets were also weighed down by traders pulling out money from futures ahead of the US presidential elections, which are seen as a risk to markets.  If you want to more information regarding the Stock cash tips, Stock tips, Nifty tips, Commodity tips, Equity tips call @ 8370098946 or fill form http://equityresearchlab.com/Freetrial.php
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