Crude oil prices bound back on Thursday after a three-day losing streak after news that dispelled partly investor concerns about OPEC’s plan to cut output.
West Texas Intermediate for December delivery advanced to $50.04 a barrel on the New York Mercantile Exchange. Meanwhile on the London-based ICE Futures Europe exchange, Brent for December settlement rallied to $50.88 a barrel.
Citing sources familiar with the matter, Reuters reported that Saudi Arabia and its Gulf OPEC allies told Russia that they are willing to snap production by 4% from their peak oil output.
Brent Crude Oil Trade suggestion
Buy Digital Call Option from 50.80 to 51.30 valid until 20:00 GMT October 27, 2016