Energy

Oil reverses losses to gain 2% as OPEC urges compliance with production cuts

0


An aerial view shows pumpjacks in the South Belridge Oil Field on April 24, 2020 near McKittrick, California.

David McNew | Getty Images

Oil prices rose about 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil markets weaken further.

Brent oil futures extended their gains to trade up 2.3% at $43.21 a barrel. U.S. crude futures settled 81 cents, or 2%, higher at $40.97 per barrel. Both contracts rose more than 4% on Wednesday.

The panel of major producers, including Saudi Arabia and Russia, did not recommend any changes to their…



Source cnbc.com

Lowe’s, ‘Shark Tank’ star Daymond John launch effort for small businesses

Previous article

Eric Trump says he will comply with NY AG subpoena but only after 2020 election

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Energy