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

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 rebalancing.”
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 (via Reuters).

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

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