Oil prices rise as OPEC pledges decision on supply - Reuters

Oil prices rise as OPEC pledges decision on supply - Reuters:

Oil prices rose on Thursday, buoyed by comments by the head of OPEC that the organization could take action to balance oil markets and will decide in December on supply for next year.

Secretary-General Mohammad Barkindo did not specify whether the Organization of the Petroleum Exporting Countries would extend a pact to rein in production to stabilize prices, but the comments appeared to inspire hope in the market.

“Barkindo was sending a signal that OPEC was serious about supporting prices,” said Phil Flynn, an analyst at Price Futures Group. “Between this and a possible China trade deal, the momentum has shifted.”

Global benchmark Brent crude futures LCOc1 settled up 78 cents or 1.3% at $59.10 a barrel. In post-settlement trade, Brent extended gains to rise $1 on the day to $59.32 a barrel. U.S. West Texas Intermediate (WTI) futures CLc1 were up 96 cents, or 1.8%, at $53.55 a barrel.