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Saturday, 19 November 2016

Oil gains five percent on the week on OPEC hopes | Reuters

Oil gains five percent on the week on OPEC hopes | Reuters:
"Oil prices settled higher on Friday, closing out a strong week that saw crude buoyed by growing expectations that OPEC will find a way to cap production at the end of the month.

For the week, Brent and U.S. crude both rose roughly 5 percent, their first weekly gains in about a month.

The Organization of the Petroleum Exporting Countries (OPEC) is moving closer to finalizing its first deal since 2008 to limit output, with most members prepared to offer Iran flexibility on production volumes, ministers and sources said.

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