Oil Holds Gains As Producers Say Market Rebalancing

Oil Holds Gains As Producers Say Market Rebalancing

Oil prices came under pressure from a strong dollar, but kept most of their gains from the previous session as major producers meeting in Vienna said the market was well on its way towards rebalancing.

Brent crude for November delivery was up 1 cents at $56.87 a barrel by 0815 GMT (4.15 a.m. ET), its highest since March. U.S. crude for November delivery was down 20 cents at $50.46, but not far off recent four-month highs.

The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping lift oil prices by about 15 percent in the past three months. Read More…

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