Brent oil climbs above $100 a barrel on potential OPEC cuts | Reuters
Benchmark Brent oil climbed above $100 a barrel on Wednesday after Saudi Arabia suggested this week that OPEC could consider cutting output in response to poor liquidity in the crude futures market and fears about a global economic downturn.
Brent crude for October settlement traded up $1.07, or 1.1%, at $101.29 a barrel by 1158 GMT. U.S. crude was up 99 cents, or 1.1%, at $94.73.
Contracts for both crudes soared on Tuesday and touched three-week highs on Wednesday after Saudi Energy Minister Prince Abdulaziz bin Salman flagged the possibility of cutting production. read more
Sources at the Organization of the Petroleum Exporting Countries (OPEC) later told Reuters that any cuts by the producer group and its allies, known collectively as OPEC+, are likely to coincide with a return of Iranian oil to the market should Tehran secure a nuclear deal with world powers. read more
A U.S. official on Monday said that Iran had dropped some of its main demands in negotiations to resurrect a deal to rein in Tehran's nuclear programme. read more
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