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Wednesday, 12 April 2017

Oil Set for Longest Gain Since 2012 as Saudis Seen Extending Cut - Bloomberg

Oil Set for Longest Gain Since 2012 as Saudis Seen Extending Cut - Bloomberg:

"Oil advanced for an eighth day in London, the longest gain since 2012, on confidence Saudi Arabia will support an extension to OPEC-led output cuts just as stockpiles show signs of shrinking. Brent futures rose 0.6 percent, after rising 6.4 percent in the previous seven sessions. Saudi Arabia is likely to back prolonging the curbs into the second half of 2017 in an effort to boost prices, according to a person familiar with the kingdom’s internal discussions. Several other countries, including Kuwait, have also expressed public support for an extension. Industry data was said to show U.S. crude supplies fell last week and OPEC’s monthly report said international inventories dropped in February."



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