WTI Crude
49.32
Brent Crude
55.66
Natural Gas
2.86

Oil stabilizes on expectations of extended output cut, but US crude exports drag

Written by Christopher Johnson at Reuters

Facebooktwitterlinkedininstagrammail

Oil prices stabilized on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports dragged on the market. Brent crude futures, the international benchmark for oil prices, were at $55.89 per barrel at 0259 GMT, up 9 cents, or 0.16 percent, from their previous close. Russian President Vladimir Putin said on Wednesday that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018. The statement came ahead of a visit by Saudi Arabia’s King Salman to Moscow.

CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER


Written by Christopher Johnson at Reuters

News Article Email Sign-Up
Sending

Facebooktwitterlinkedininstagrammail