Oil rises nearly 1 percent as OPEC defers extension of output cuts

9/22/2017

Kuwaiti oil minister Essam al-Marzouq said in opening remarks to OPEC, “Since our last meeting, the oil market has markedly improved. The market is now evidently well on its way toward re-balancing.”
Brent Crude oil prices gained 15 percent in the past three months, and are now trading above $56 a barrel. This trend suggests the production cut deal is making progress in eliminating excess supply.

Source: reuters.com - By: Dave Gregorio - Image: Leonhard Foeger

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