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Singapore: Oil extends gains as output cut looms
Singapore: Oil extends gains as output cut looms
Friday, August 12, 2016 – Crude prices rose in Asia on Friday, extending overnight gains after Saudi Arabia’s oil minister hinted producers could agree to limit production.
Rumors have been circulating that global producers are mulling a deal to freeze output, to help stabilize the market.
Prices entered a “bear” market last week, falling more than 20 percent and closing below $40 a bar-rel for the first time since April.
Khalid al-Falih was reported as saying Thursday that an informal meeting of Organization of the Pe-troleum Exporting Countries (OPEC) countries next month would be the occasion for producers to discuss “any possible action”.
Prices soared more than four percent Thursday in reaction to the minister’s comments, which were seen as a positive development in a market grappling with a supply glut. Read More?