Futures hint oil prices may rise

Cautious oil market bulls are stirring, sensing higher prices for future months after a first whisper that the glut may be set to slowly shrink.

Futures hint oil prices may rise

The International Energy Agency yesterday said lower prices will force non-Opec producers including the US to cut output by the steepest rate in over 20 years next year.

This helped push the difference in price between oil for delivery in October and for delivery in one year to its widest in six months on Monday.

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