Oil Futures Retreat From Overnight Gains in Asia

By Biman Mukherji Features Dow Jones Newswires

Oil futures were lower in Asian trading on Friday, retreating from overnight gains in the U.S.

Continue Reading Below

--December, light crude on the New York Mercantile Exchange was recently down 0.3% at $57.01 a barrel in the Globex training session. January Brent also fell by the same percentage margin to $63.73.

--Oil futures have hit mid-2015 highs recently in the run-up to a meeting of the Organization of the Petroleum Exporting Countries later this month, at which the ongoing production caps will likely to be further extended.

--In the wake of tensions in Saudi Arabia following a purge of some officials, ANZ says the events "raise the probability of Saudi Arabia taking a more aggressive stance on production curbs." Thus, it expects the curbs to remain in place longer than expected.

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

(END) Dow Jones Newswires

Continue Reading Below

November 09, 2017 23:30 ET (04:30 GMT)