Oil little changed as rising US output offset OPEC worries

Tuesday, 9 January 2018 00:00 - - {{hitsCtrl.values.hits}}

NEW YORK, Jan 8 (Reuters) - Oil prices were little changed on Monday, trading near their highest since May 2015, as political concerns in some OPEC nations offset projections for higher U.S. oil production.

“Oil prices are finely balanced in today’s trading session. Ongoing protests in Iran, together with recent detention of several princes in Saudi Arabia, have reinvigorated geopolitical concerns,” Abhishek Kumar, Senior Energy Analyst at Interfax Energy’s Global Gas Analytics in London.

“However, prospects for further increases in U.S. oil production amid recent improvements seen in oil prices continue to promote bearish sentiment,” Kumar said. Brent futures were up 2 cents at $67.64 a barrel by 11:58 a.m. EST (1658 GMT), while U.S. West Texas Intermediate (WTI) crude rose 6 cents, or 0.1 percent, to $61.50.

Last week, both contracts rose to their highest since May 2015 with Brent at $68.27 and WTI at $62.21.