Oil rally resumes as OPEC+ seen keeping supply tight | Reuters
Oil rose further above $84 a barrel on Friday, within sight of a multi-year high hit this week, as expectations OPEC and its allies will keep supply tight countered rising U.S. inventories and the prospect of more Iranian exports.
Algeria said on Thursday a crude output increase by OPEC and its allies in December should not exceed 400,000 barrels per day because of risks. The alliance, which is gradually unwinding last year's record output cuts, meets on Nov. 4.
"Supply will therefore continue to play catch-up with demand in the immediate term," said Stephen Brennock of oil broker PVM. "In short, OPEC+ is intent on continuing to act as a key pillar of price support."
Brent crude rose 25 cents, or 0.3%, to $84.57 a barrel by 1104 GMT, while U.S. West Texas Intermediate crude added 27 cents, or 0.3%, to $83.08. Both benchmarks touched multi-year highs on Monday.
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