Oil Holds Above Five-Month Low on Outlook for Production Cuts

9 May 2017   Prices

Crude futures rose on Tuesday, hovering above a five-month low, as investors bet on more production cuts by major producers, in the hope that global stockpiles will be reduced. Brent crude, the global oil benchmark, rose 0.2% to $49.53 a barrel on London’s ICE Futures exchange, having last week hit its lowest level since the Organization of the Petroleum Exporting Countries agreed to cut output for six months on Nov. 30. On the New…

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