[size=30]Oil prices rise after news of extension of OPEC agreement[/size]
11/09/2017 01:37 | Number of readings: 1 font size:
Trend Press / Agencies
Oil prices rose on Monday after the Saudi oil minister discussed the possibility of extending the global agreement to reduce oil supplies after March 2018 with his Venezuelan and Kazakh counterparts.
News of the talks helped dispel downward pressure on oil prices amid concerns that energy demand could be severely damaged by Hurricane Erma and its consequences.
The hurricane cut off electricity from some 4 million homes and businesses in Florida on Sunday. It is expected to retreat into a tropical storm on northern Florida or southern Georgia later on Monday.
US crude for October delivery rose 41 cents, or 0.9 percent, to $ 47.89 a barrel by 0648 GMT, after falling 3.3 percent on Friday.
Global Brent crude for November delivery rose 30 cents, or 0.6 percent, to $ 54.08 a barrel after falling 1.3 percent on the previous settlement.