Oil Rises Above $50 as OPEC Trims Exports, Sets Meeting on Cuts

1 Aug 2017   Prices

OPEC and non-OPEC producers to gather in Abu Dhabi next week Gasoline crack spread rises as Shell Pernis has units offline Oil closed above $50 a barrel in New York for the first time in two months as OPEC reduces shipments to the U.S. and is set to meet with allies. Futures rose 0.9 percent in a last-minute surge, extending gains from the biggest weekly rally this year. OPEC will meet with allies in Abu Dhabi next week to discuss compliance with their output-cut accord. U.S. crude imports from member countries slipped 2.6 percent in May, and some of the group’s leading exporters have pledged to reduce shipments next month. “There’s been some constructive developments coming out of OPEC,” Tamar Essner, an energy analyst at Nasdaq Inc. in New York, said by telephone. “The data out of OPEC has been bearish.” Oil has rebounded on growing signs that the […]

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