Oil Set For Strongest Q3 Since 2004, Iraq Hints At OPEC Extension

Oil Set For Strongest Q3 Since 2004, Iraq Hints At OPEC Extension

Oil rose on Wednesday, set for its largest third-quarter gain in 13 years, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening supply cuts to erode an existing global surplus.

Brent crude futures rose 29 cents to $55.43 a barrel by 0800 GMT, while US West Texas Intermediate (WTI) crude futures were up 42 cents at $49.90 a barrel.

The oil price is on course for a rise of 15.5 percent this quarter, which would make this year`s performance the strongest for the third quarter since 2004. Read More…

Leave a Reply

Your email address will not be published.