Oil adds to rally, heads for fourth week of gains

13 Jan 2018   Prices

Oil prices rose for a sixth day on Friday after Russia’s oil minister said that global crude supplies were “not balanced yet,” alleviating market concerns about a wind-down of the OPEC-led deal to reduce production. Russian Energy Minister Alexander Novak said ministers from leading OPEC and non-OPEC producers will discuss the possibility of exiting the deal at a coming committee meeting, but said that “we see that the market surplus is decreasing, but the market is not completely balanced yet.” His comments boosted prices, which rebounded from earlier decline, though the market has not hit the heights it touched on Thursday, when Brent crude topped $70 a barrel for the first time since December 2014. Markets remained buoyed by the comments throughout the session, shrugging off data that suggested the U.S. production may continue to surge. Brent crude futures LCOc1 rose 61 cents to settle […]

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