Crude oil prices to be under pressure in first half of 2018: S&P

S&P Global ratings says they are are likely to remain range-bound supported by Opec cuts and capped by US shale growth

Oil prices are expected to come under some pressure in the first half of 2018.

Crude oil prices rose after key Opec ministers expressed a preference for extending crude output cuts until the end of next year.

On Thursday, the benchmark US crude was up by 0.7 per cent to $57.69 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained by 1.1 per cent to $63.20 in London. The gap between WTI and Brent oil has however marginally reduced following increased demand for US, that is WTI, oil due to high Brent prices.