Crude at Four-Month High as OPEC Signals Commitment to Cuts - Bloomberg

Crude at Four-Month High as OPEC Signals Commitment to Cuts - Bloomberg:

Crude closed higher for a fourth straight day in New York ahead of a weekend meeting where the world’s top exporters will discuss whether to extend supply cuts.

U.S. benchmark oil climbed 0.6 percent on Thursday, settling at a four-month high. Ahead of a meeting in Azerbaijan, the OPEC secretariat urged producers to continue efforts to prevent a surplus this year. Ministers from the coalition’s two central players, Russia and Saudi Arabia, will hold a one-on-one meeting as well as the former nation struggles to keep up its end of a pledge to tighten the market.

The cuts “highlight just how serious the Kingdom is in terms of getting supplies down and tidying this market up to get prices up, which they desperately need,” said John Kilduff, partner at Again Capital LLC, a New York hedge fund focused on energy.