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US oil prices near their highest level in two years
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Economy News _ Baghdad US oil prices remained close to a two-year high on Monday as the US-Canada oil pipeline continued to close, while expectations of an OPEC supply-reduction agreement were further strengthened. US West Texas Intermediate (WTI) contract prices hit $ 58.91 a barrel at 0029 GMT, down 4 cents from their last closing price but still near a two-year high of $ 59.05 on Friday. Brent crude prices were $ 63.84 a barrel, unchanged from last closing. The closure of the 590,000 bpd Keystone pipeline following a leak helped to raise US crude after cutting stocks. Supply to global markets has also fallen as a result of efforts by OPEC and a group of other producers, including Russia, to cut production by 1.8 million bpd since January. The deal expires in March 2018 but OPEC will meet on November 30 to discuss its policy. "With the Opec meeting this week, oil traders expect to extend production cuts," said William O'Gullen, an analyst at Rifkin Securities. Russian Energy Minister Alexander Novak said on Friday Russia would discuss details of the extension of the global agreement on Nov. 30, but gave no indication on the extension of the extension beyond the March agreement's expiration date. |
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