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Oil rises 2% and Brent above $ 60 on support for extended cuts
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Economy News _ Baghdad Oil prices jumped nearly two percent as the market closed on Saturday. Brent crude rose above $ 60 a barrel on support from two major producers to extend the cut-off agreement and the dollar slipped from its peak in three months. "Saudi Arabia and Russia have announced their support for the extension of the OPEC-led supply reduction agreement ahead of the November 30 meeting of the Organization of the Petroleum Exporting Countries, which ends in March 2018," the Organization of the Petroleum Exporting Countries (OPEC) Secretary-General said in a statement. Brent futures were up $ 1.32, or 2.23%, to close at 60.62, the highest price since July 2015. US crude <LCOc1> closed up $ 1.53, or 2.91%, to $ 54.17 after climbing to $ 53.98, its highest level since early March. While OPEC oil prices closed at $ 56.45, compared to Friday's price of $ 56.33. Oil prices are hovering near their highest levels this year amid signs of market weakness and renewed support this week to extend production cuts and tensions in Iraq. |
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