Commodity News
HeadLine : Oil extends gains on prospect of deeper OPEC output cuts, trade talks hopes
Date : Oct 11 2019
International benchmark Brent crude futures LCOc1 were at $59.34 a barrel, up 24 cents, or 0.4%, from their previous settlement. Brent settled up 1.3% at $59.10 a barrel on Thursday. West Texas Intermediate (WTI) crude CLc1 futures rose 20 cents, or 0.37%, from their last close to $53.74 per barrel. In the previous session, WTI settled 1.8% higher at $53.55 a barrel. On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a deeper supply cut to balance oil markets. A decision would be taken at a December meeting between the OPEC and its partners, he said. Beyond OPEC, trade talks between the United States and China also remained on market radar as the world’s top two economies seek to resolve a more-than-a-year- long trade row that has slowed global economic growth and curbed fuel consumption. Top U.S. and Chinese negotiators wrapped up the first of two days of scheduled trade talks on Thursday, with business groups expressing optimism that the two sides might be able to ease tensions and delay a U.S. tariff hike set for next week.

Source : Reuters
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