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[size=30]Oil rises, supported by OPEC's commitment to supply cuts[/size]
02/02/2018 10:04 | Number of readings: 86
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[rtl]Trend Press / Agencies[/rtl]
[rtl]Oil prices rose at the end of Thursday after a survey showed OPEC remained committed to supply cuts, even as US crude oil output rose above 10 million bpd for the first time since 1970 .[/rtl][rtl]Brent crude futures contract ended the day at 76 cents, or 1.10 percent, at $ 69.65 per barrel.[/rtl]
[rtl]US benchmark WTI futures rose 1.07 dollars, or 1.7 percent, to 65.80 dollars per barrel.[/rtl]
[rtl]This puts the benchmark crude contracts close to their highest levels since December 2014 .[/rtl]
[rtl]In January, the benchmark crude oil rose for the fifth month in a row, with Brent gaining 3.3 percent, while US crude jumped 7.1 percent, the strongest start of the year for Brent in five years, and US crude in 12 years..[/rtl]
[rtl]A Reuters survey showed on Wednesday that OPEC continued in January to abide by the cartel's supply reduction agreement.[/rtl]
[rtl]Goldman Sachs raised its three-month forecast for Brent to $ 75 a barrel from $ 62, and its six-month forecast to $ 82.50 from $ 75.[/rtl]
[rtl]But a Reuters survey showed oil prices were unlikely to go well above $ 70 a barrel in 2018, given the fierce competition between OPEC and the US rocky oil industry.[/rtl]
[rtl]http://aletejahtv.org/permalink/203568.html
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