Crude oil prices rebound after OPEC production cut deal | Ripples Nigeria

Crude oil prices rebound after OPEC production cut deal

Crude oil prices rebound after OPEC production cut deal

Prices of crude oil in the international market have rebounded after the most recent production cut deal reached by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members led by Russia.

The current gains that see price near $62 a barrel, is also coming on the heels of the shutdown of Libya’s largest oil field after protesters forced its closure.

Brent futures rose as much as 1.1 percent after jumping 2.7 percent as producers including Saudi Arabia and Russia committed to removing 1.2 million barrels a day of output, more than the market had expected.

Prices have slid from a four-year high in early October highs after Washington gave temporary exemptions from sanctions to eight nations to continue purchasing Iranian oil, while America exacerbated a global glut by pumping at record levels.

Read also: Non-oil sector pushes Nigeria’s GDP to 1.81 percent in Q3

Brent for February settlement increased as much as 66 cents to $62.33 a barrel on London’s ICE Fu-tures Europe exchange and traded 0.5 percent higher at $61.96 a barrel in London. Futures rose $1.61 to $61.67 a barrel.

The global benchmark crude traded at $9.28 above US West Texas Intermediate for the same month.

WTI futures for January delivery were little changed and traded at $52.50 a barrel on the New York Mercantile Exchange. Prices rose 2.2 percent to $52.61. Total volume traded was 32 percent above the 100-day

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