Oil up 1 percent, Brent hits $60 a barrel on support for deal extension

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27 October 2017

Oil prices rose more 1 percent on Friday on support among the world’s top producers for extending a deal to cut output and as the dollar retreated from three-month peaks, APA rpeorts quoting Reuters.

 

Brent LCOc1 rose 59 cents to $58.89 a barrel by 10:51 a.m. ET, after rising to a session high of $60.08, the highest since July 2015 and more than 35 percent above its 2017 lows touched in June.

 

U.S. light crude oil CLc1 was up 78 cents, or 1.48 percent at $53.42 after rising to a session high of $53.52 a barrel. U.S. crude prices have been capped by rising U.S. production.

 

Ahead of OPEC’s next policy meeting, Saudi Arabia and Russia declared their support for extending a global deal to cut oil supplies for another nine months, OPEC’s secretary general told Reuters on Friday. The pact runs to March 2018.

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