Oil rises as OPEC signals deal extension

LONDON – Oil prices rose yesterday as an Organisation of the Petroleum Exporting Countries (OPEC)-led meeting started in Vienna after initial comments from the group’s members suggested an extension of current crude output curbs until the end of 2018 would be its most likely outcome.

LONDON – Oil prices rose yesterday as an Organisation of the Petroleum Exporting Countries (OPEC)-led meeting started in Vienna after initial comments from the group’s members suggested an extension of current crude output curbs until the end of 2018 would be its most likely outcome. OPEC was, yesterday, meeting at its headquarters in the Austrian capital, along with ministers from other oil producing countries, including Russia. The meeting is expected to decide on an extension to ongoing output cuts, which have seen the group reduce oil production by 1.8 million barrels per day, which has bolstered crude prices by 40 percent since the middle of the year. The most-active February Brent contract was trading 77 cents up at $63.30 a barrel, having traded in a range of less than $1. The front-month January contract was set to expire yesterday. US light crude for February delivery was at $57.96 a barrel, up 60 cents.

Agencies.

 

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