12-month extension of OPEC oil production cuts bolsters benchmark Brent crude price at near $70-barrel

Brent oil field
Brent oil field

The announcement from top exporter Saudi Arabia that the Organisation of the Petroleum Exporting Countries and other producers would continue to cooperate on oil output cuts beyond 2018 bolstered Brent crude wholesale prices last night.

Crude prices rose yesterday as the dollar weakened, prompting investors to turn to dollar-based commodities, and to shrug off concerns that a rally that had sent prices to their highest since December 2014 had run out of steam.

Brent crude LCOc1 was up 50 cents to $69.11 a barrel after retreating to a session low of $68.39.

Last week (15 Jan) Brent crude had hit $70.37-barrel – its highest since December 2014.

Saudi Energy Minister Khalid al-Falih said market rebalancing might not occur until 2019, suggesting it would take longer than OPEC had previously indicated.

23 Jan 2018

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