Oil Futures Rebound Some in Asia on Supply-Demand Optimism

By Biman Mukherji Features Dow Jones Newswires

Oil futures rebound some in Asian trade at the start of the week, following Friday's U.S. market selloff amid concerns about the threat from Tropical Storm Nate to energy facilities.

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--November Nymex light, sweet crude oil on the New York Mercantile Exchange was recently up 0.2% at $49.38 a barrel in the Globex trading session, looking poised to regain the psychological mark of $50. After trading unchanged earlier in the day, Brent also rose 0.2% to $55.74.

--Lately, optimism about supply and demand moving into balance after years of huge global inventories have supported oil prices, although supplies still remain high and the positive sentiment could easily reverse.

--For the moment, the market remains focused on indications that the Organization of the Petroleum Exporting Countries and Russia could consider extending an ongoing production cap agreement beyond the first quarter of 2018, says ANZ Bank.

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

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October 08, 2017 23:41 ET (03:41 GMT)