Oil Prices Rise on Supply Hopes
Producers’ output cuts raise confidence balance will be restored
Written by Alison Sider & Sarah McFarlane at The Wall Street Journal
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Oil prices edged up amid hopes that a move by OPEC and other major producers to cut output could help bring crude supply and demand into balance more quickly.
Crude for January delivery advanced 15 cents, or 0.3%, to $52.98 a barrel on the New York Mercantile Exchange, for the fourth successive day of gains. Brent, the global benchmark, rose three cents, or 0.05%, to $55.72 on London’s ICE Futures Exchange, also for the fourth day in a row.
If members of the Organization of the Petroleum Exporting Countries and non-OPEC nations follow through on promises to cut production for the next six months, the market likely will become undersupplied by the first half of next year, the International Energy Agency’s monthly oil report said.