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Monday, 21 November 2016

Oil rises as traders eye Opec production cut

Oil rises as traders eye Opec production cut:
"Oil prices rose sharply on Monday as traders weighed up the prospects of a deal between Opec member countries to cut production.

Ahead of a meeting of ministers in Vienna next week, Brent crude, the international benchmark, rose $2.09 a barrel or more than 4 per cent to $48.94. West Texas Intermediate, the US marker, was $1.94 a barrel stronger at $47.63. That leaves prices below last month’s intraday peaks of $53.73 for Brent and $51.93 for WTI.

The jump in prices came even as the physical oil market remains weak with plentiful supplies in the North Sea, while the rally has not been derailed by a pronounced strengthening of the US dollar since the election of Donald Trump."

'via Blog this'