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Tuesday, 22 November 2016

Brent crude eyes $50 on Opec hopes

Brent crude eyes $50 on Opec hopes:
"Oil prices have risen towards $50 a barrel on Tuesday, extending gains to more than 12 per cent in the last five sessions as traders bet Opec is inching towards a deal to reduce output.

Brent crude oil, the international benchmark, rose almost 2 per cent on Tuesday to a high of $49.96 a barrel, while US marker West Texas Intermediate gained 1.5 per cent to $49.20.

The price of Brent is now at its highest since late October, though it remains below the year-high hit above $53 a barrel shortly after Opec agreed to work towards output curbs almost two months ago."

'via Blog this'