Oil prices extend gain on OPEC’s output pact and Libya’s field outage


Oil prices extend gain on OPEC’s output pact and Libya’s field outage

Oil in London extended its gains near $62 a barrel after OPEC and its allies agreed on production cuts and protesters forced the shutdown of Libya’s biggest crude field.

Brent futures rose as much as 1.1 percent after jumping 2.7 percent on Friday as nations including Saudi and Russia committed to removing 1.2 million barrels a day of output, more than the market had expected.

Skepticism before a producer meeting in Vienna last week had seen money managers boost bets against crude. Meanwhile, Libya’s largest oil field was halted after members of the Petroleum Facilities Guard shut down pumps leading to tanks.

Crude is paring this year’s losses after the Organization of Petroleum Exporting Countries and its partners defied US President Donald Trump’s call for the producer group to keep taps open. Read More

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