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Friday, 2 December 2016

Brent Caps Biggest Weekly Advance Since 2009 on OPEC Agreement - Bloomberg

Brent Caps Biggest Weekly Advance Since 2009 on OPEC Agreement - Bloomberg:
"Brent oil capped its biggest weekly gain since 2009 after OPEC approved its first supply cut in eight years, with attention now shifting to compliance with the deal and how other producers will react to a price rally.

Futures closed at the highest in more than a year in London and New York. OPEC’s three largest producers -- Saudi Arabia, Iraq and Iran -- overcame discord to reach Wednesday’s pact to reduce the group’s output by 1.2 million barrels a day, while Russia pledged a cut of as much as 300,000. The accord ended the group’s pump-at-will policy started in 2014 aimed at protecting market share and driving out high-cost competitors such as shale."

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