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Oil rises after OPEC hints to extend production cut agreement
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Economy News _ Baghdad Oil prices rose after one of the most bearish weeks in months, supported by comments from OPEC suggesting that efforts to rebalance the market in the long term could continue . Oil production platforms in the Gulf of Mexico are returning to work after Hurricane Nate halted more than 90 percent of the region's crude production. Opec Secretary-General Mohamed Barkindo said yesterday that there were consultations to extend the production cut-off agreement beyond March 2018 and that other producing countries might join the agreement, possibly at a meeting next month. OPEC members and other producers may be taking some "extraordinary measures" to ensure long-term market equilibrium, he said. Global Brent crude was up 17 cents at $ 55.79 a barrel after touching a three-week low of $ 55.06. Brent ended last week down 3.3%, the biggest weekly loss since June 2017. US benchmark West Texas Intermediate crude futures closed at $ 49.58, up 29 cents, or 0.6 percent. Earlier in the session, US crude came close to a four-week low when it dropped to $ 49.13. US crude losses last week were 4.6%. |
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