Crude has lost ground this year amid concerns that the market is headed for a surplus, with Opec and allies including Russia restoring capacity, while drillers outside the group also raise production. The Paris-based IEA has already forecast that there’ll be a record glut next year and banks including Goldman Sachs Group Inc have warned of rising oil inventories.
Prices:
- WTI for December delivery was little changed at US$61.02 a barrel at 7.29am in Singapore.
- Brent for January settlement closed 1.7% higher at US$65.16 a barrel on Tuesday.
Uploaded by Arion Yeow
