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Thursday, 12 January 2017

Oil rises on OPEC output cuts, China demand forecast | Reuters

Oil rises on OPEC output cuts, China demand forecast | Reuters:
"Oil prices rose on Thursday, supported by reports that key members of OPEC were starting to cut production as promised and by forecasts of strong demand growth in China.

Brent crude LCOc1 was up 70 cents at $55.80 a barrel by 1135 GMT (6:35 a.m. ET). U.S. crude CLc1 was up 60 cents at $52.85.

The Organization of the Petroleum Exporting Countries agreed in November to cut oil production to try to reduce a global supply glut that has depressed prices for more than two years. Several OPEC members appear to be implementing the deal."

'via Blog this'