75155
Markets are worried that shale producers will increase output at the $60 mark, derailing efforts made by OPEC and Russia.
Markets are worried that shale producers will increase output at the $60 mark, derailing efforts made by OPEC and Russia.

Brent Above $60 After Two Years

Brent Above $60 After Two Years

Oil prices rallied on Friday, sending the global crude benchmark above $60 a barrel for the first time in more than two years and lifting the US benchmark for the commodity to its highest finish in nearly eight months.
December Brent, the global benchmark, rose $1.14, or 1.9%, to finish at $60.44 a barrel on the ICE Futures exchange in London. That was the highest settlement for a front-month contract since July 2015. The contract rose about 4.7% for the week, Market Watch reported.
On the New York Mercantile Exchange, December West Texas Intermediate crude, the US benchmark, tacked on $1.26, or 2.4%, to settle at $53.90 a barrel, marking a nearly eight-month high. For the week, it gained around 4%.
Analysts say WTI cracked through technical resistance levels around $53 a barrel, helping it to break out higher.
“Resistance for Brent crude stood between $58.50 and $59 a barrel,” Tom Kloza, global head of energy analysis at Oil Price Information Service, told CNBC earlier this week.
OPEC members will hold an official meeting in Vienna on Nov. 30.          

Short URL : https://goo.gl/ivUCSH
  1. https://goo.gl/DeEBs9
  • https://goo.gl/9xGdWz
  • https://goo.gl/9GDEtT
  • https://goo.gl/R3mYDx
  • https://goo.gl/meRkmW

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus