Oil at 18-month High as Markets Eye Output Cuts
Crude benchmarks hit highest levels since July 2015; OPEC, non-OPEC cut deal took effect on Sunday. Oil prices hit 18-month highs on Tuesday, the first trading day of 2017, buoyed by hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Sunday, will drain a global supply glut. Benchmark Brent crude jumped more than 2 percent to a high of $58.37…
Oil Slips Below $86 on Global Oversupply
OPEC ministers due to meet in Vienna on Nov. Brent crude slipped below $86 a barrel on Monday, resuming a downward move that took the global oil benchmark to near a four-year low last week as supply overwhelmed weak demand in several key markets. Abundant global oil supplies, particularly of high quality, light oil, coupled with a gloomy economic outlook from Europe to China pushed Brent last week below $83…
