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Oil Caps Longest Winning Streak Since August Ahead of OPEC Cuts

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Oil climbed in New York, capping the longest winning run in more than four months amid optimism that output cuts by major producers will help eliminate a supply glut.

Futures advanced 1.7 percent in New York, rising for a seventh session to the highest close in more than 17 months. Prices are set to recover next year as production cuts help to re-balance an oversupplied market, Saudi Arabia’s Energy Minister Khalid Al-Falih said last week. OPEC and 11 nations from outside of the group, including Russia, have agreed to trim about 1.8 million barrels a day next year. As inventories return to equilibrium, Brent prices should stabilize between $60-$70 a barrel, Venezuela Oil Minister Eulogio Del Pino said.

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Written by Jessica Summers at Bloomberg

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