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Saturday, 28 October 2017

Oil price surges above $60 for first time since 2015 on OPEC cuts optimism




Brent surged above $60 a barrel for the first time in more than two years amid enthusiasm that OPEC may extend its supply-restraint deal and indications that the situation between Iraq and the Kurds remains fragile, Bloomberg reports.

The global benchmark jumped to levels last seen in July 2015 and crude in New York closed near an eight-month high. Saudi Arabian Crown Prince Mohammed bin Salman this week backed the extension of production cuts by OPEC beyond March, fueling optimism.

At the same time, crude flows from Iraq to Ceyhan, Turkey, remain below normal levels and a U.S. spokesman said the Kurds and Iraqis haven’t reached an official cease-fire.

Oil price surges above $60 for first time since 2015 on OPEC cuts optimism

Brent for December settlement jumped $1.14 to end the session at $60.44 a barrel on the London-based ICE Futures Europe exchange. Prices are up 4.7 percent this week. The global benchmark traded at a premium of $6.54 to West Texas Intermediate. WTI for December delivery added $1.26 to settle at $53.90 a barrel on the New York Mercantile Exchange. Total volume traded was near the 100-day average. Prices rose 4.7 percent this week.



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