Expectations over a Tighter Crude Market Propel Brent to 18-month Highs
Jan, 03rd 11:15
Crude oil prices took off in the first trading day of 2017 on hopes that an output-cut deal between OPEC and non-OPEC oil producers will deplete a global supply glut. Oil futures markets were closed on Monday for New Year public holidays.
International benchmark Brent soared more than 2 percent to hit a 18-month high at $58.35 per barrel before retreating to around $58.07 per barrel at 11:00 GMT.
The agreement, which witnesses the Organization of the Petroleum Exporting Countries and other exporters led by Russia to collectively reduce output by almost 1.8 million barrels per day (bpd), kicked in on Sunday, Jan.1. Markets are waiting to see whether those producers stick to their part of the deal.
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