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Monday, 21 November 2016

Oil rally shrugs off dollar strength as hopes for output cut grow

Oil rally shrugs off dollar strength as hopes for output cut grow:
"Oil prices are making notable gains, tracking the prospect of a deal on output cuts between major producers, setting Brent crude on course for its first two-session advance since early October.Brent crude, the international benchmark, is up 1.3 per cent at $47.47 a barrel, while West Texas Intermediate is 1.3 per cent stronger at $46.30.
After the Asia-Pacific Economic Cooperation summit in Peru, Russian President Vladimir Putin told reporters he saw few hurdles to Opec reaching an agreement on supply cuts at its Vienna meeting scheduled for later this month.

That added to comments from Iran’s oil minister over the weekend that he was optimistic Opec members will agree to proposed supply cuts at the forthcoming Vienna meeting, while Iraq has been reported to offer three new proposals this week for the output cuts."

'via Blog this'