Oil Prices Up As Rumors On OPEC Cut Persist
By Charles Kennedy
OilPrice.com
Mon, 15 February 2016
Crude oil prices gained on Monday morning as optimism prevailed that production cuts would come in response to the oversupplied market.
UAE Energy Minister Suhail bin Mohammed al-Mazrouei said OPEC was willing to talk about cutting output with other exporters.
Light, sweet crude future for March delivery were up 39 cents, or 1.4 percent, on the New York Mercantile Exchange, reaching $29.83 per barrel on Monday morning.
Brent crude for April delivery was up 31 cents, or 0.9Q percent, on London’s ICE Futures exchange, reaching $33.67 per barrel after falling below $30 on Thursday.
The comes after crude futures made their largest one-day percentage gain since 2009 last Friday, up 12 percent.
Those gains were also prompted in part by a state from oil services giant Baker Hughes, which said that U.S. energy firms had cut the number of oil rigs for the eighth consecutive week, reaching their lowest levels since January 2010.
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