Oil up a fraction but near 3-month lows on surplus supply

Oil futures inched up in early Asian trading on Friday, but remained near three-month lows after a persistent supply glut has cut prices by up to 13 percent since the start of November. 

Front-month Brent futures for January climbed 14 cents at USD 44.32 a barrel as of 0227 GMT, following the previous session's 4 cent gain. 

US crude's West Texas Intermediate (WTI) futures were quoted 3 cents higher at USD 40.57 a barrel after settling down 21 cents at USD 40.54 on the previous session USD 44.18 a barrel. 

"Oil markets are really moving range bound...mainly because fundamentals have yet to change," Daniel Ang, an investment analyst at Phillip Futures Pte Ltd, said. 

"Markets are a bit fearful that Iranian oil could come in." Crude futures have already lost around 60 percent of their value since mid-2014 as supply exceeds demand by roughly 0.7 million to 2.5 million barrels per day to create a glut that analysts say will last well into 2016.


Marketmagnify provide tips and advices to our clients by sms/calls/chat. We have dedicated team of analysts and we are providing reliable and valuable tips on stock, commodities. We believe in our customer satisfaction by giving them successful results.We provide high accurate Mcx Tips at very reasonable price to help small traders and investors to make decent money. Fill OUR FREE TRIAL We cover all types of services all segment.