Crude Oil Prices Gain for Second Day; Sterling Firms on Strong Production Data

Posted October 10th, 2017 by ClaudiaFaust and filed in General News

Crude oil prices recovered for a second consecutive day on Tuesday, as buoyed by comments from OPEC officials that the output cut deal could be extended until end-2018. OPEC Secretary-General Mohammad Barkindo suggested over the weekend that consultations were under way for an extension of the agreement beyond March 2018. He added that more oil producers may join the pact at next month’s meeting. Indeed, the cartel is keen on using verbal tricks to monitor oil prices. We doubt if the OPEC members who have been exempted from previous cuts (e.g. Iran, Libya and Nigeria) would join this time.

Originally posted here:
Crude Oil Prices Gain for Second Day; Sterling Firms on Strong Production Data

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