Oil Jumps After OPEC Signals Intent to Continue Output Cuts


Oil Jumps After OPEC Signals Intent to Continue Output Cuts

Oil made a strong start to the week after Saudi Arabia and other OPEC producers signaled their intention to keep oil supplies constrained for the rest of the year, while pledging to prevent any genuine shortages. Brent futures rose as much as 1.3%, following a 2.3% gain last week.

Saudi minister Khalid Al-Falih urged the group to “stay the course” on production cuts at a meeting in Jeddah. Still, Russian Energy Minister Alexander Novak talked about potentially relaxing the curbs and wanted to wait and see what happens in the next month. Read More

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