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MTECHTIPS:-Oil futures surge 4% on renewed hopes for OPEC supply deal

Wednesday, November 16, 2016 1:27
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MTECHTIPS:-Oil futures surge 4% on renewed hopes for OPEC supply deal

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MTECHTIPS- Oil prices were higher during North America trading on Tuesday, extending overnight gains as market participants continued to weigh prospects of a coordinated production cut among major global oil producers. Crude oil for December delivery on the New York Mercantile Exchange jumped by as much as 3.6% to a session high of $44.95 a barrel. It was last at $44.57 by 9:10 AM ET (14:10 GMT), up $1.25, or 2.9%, after sliding to $42.20 the day before, a level not seen since August 11. Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London climbed $1.23, or 2.77%, to $45.66 a barrel. It dropped to as low as $43.57 in the prior session, the weakest since August 11. Bloomberg reported that several OPEC members were engaged in a last-minute push to overcome divisions between the cartel’s biggest producers. Qatar, Algeria and Venezuela are leading the push to finalize a deal, while Saudi Arabia, Iraq and Iran are at odds over how to share output cuts agreed at a September meeting in Algiers, according to a delegate familiar with the talks. The oil group reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held in Algeria in late September. However, OPEC said it won’t finalize details on individual output quotas until its next official meeting in Vienna on November 30.

 

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