Oil rises 2 percent, boosted by potential OPEC deal

6 Oct 2017   Prices

Oil prices rose about 2 percent on Thursday as signs Saudi Arabia and Russia would limit production through next year pushed the U.S. benchmark back above $50 a barrel. The news outweighed Wednesday’s U.S. data showing record U.S. exports and the return of production at a major Libyan oilfield. Brent futures LCOc1 settled at $57 a barrel, up 2.2 percent, or $1.20, while U.S. crude CLc1 rose 81 cents, or 1.6 percent, to end at $50.79. Sponsored Russian President Vladimir Putin said this week that a pledge by the Organization of the Petroleum Exporting Countries and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in […]

Comments are closed.