WTI Crude
49.32
Brent Crude
55.66
Natural Gas
2.86

Oil ends at best level in more than a year as Putin, Saudis fuel hope of output freeze

News Article Sponsored by AVC Transglobal Services

Facebooktwitterlinkedininstagrammail

Written by: Mark Decambre at Marketwatch.com

Click HERE to Read Article From Publisher


Crude-oil futures on Monday closed at their best level in about 14 months, supported by bullish comments from Russian President Vladimir Putin and Saudi Arabia’s energy minister. West Texas Intermediate crude oil trading on the New York Mercantile Exchange for November delivery CLX6, -0.47% gained $1.54, or 3.1%, to settle at $51.35–the highest finish for oil since July 15, 2015, according to FactSet data. The rise came as Putin on Monday said Russia would support a freeze, or even a cut, to crude-oil production, and Saudi Arabia’s energy minister Khalid al-Falih, at an energy meeting in Istanbul, said a rise in crude prices to $60 a barrel wasn’t “unthinkable.” Skeptics remain because the talks in Istanbul won’t necessarily mean a firm agreement will be reached, while other market participants question how effective a production cut by members of the Organization of Petroleum Exporting Countries and non-OPEC members will be in tamping down oil production from countries eager to retain and extend their market share. OPEC’s official meeting is scheduled for Nov. 30, when oil officials have said details of a freeze may be solidified.

screen-shot-2016-10-11-at-9-14-45-am


Written by: Mark Decambre at Marketwatch.com

Click HERE to Read Article From Publisher

unnamed

Facebooktwitterlinkedininstagrammail