Global oil prices rose on renewed hopes of a production cut deal

Oil prices had been under pressure for the previous three sessions after Iraqi oil minister Jabar Ali al-Luaibi said on Sunday (Oct. 23) that his country, OPEC's second-largest producer, wants to be exempted from output cuts as it needs more money to fight the Islamic State militant group.Crude prices were lifted on Thursday after energy ministers from Saudi Arabia and its Gulf allies said their partner Russia this week offered to reduce its oil output by as much as four percent, according to media reports.OPEC last month agreed to reduce output to 32.5 million barrels per day (bpd) from the current level of 33.24 million bpd to prop up the market. The group is due to agree on concrete output levels for each country at its formal meeting in Vienna in November.Oil prices also found support after government data showed that U.S. crude inventories unexpectedly declined last week.The U.S. Energy Information Administration (EIA) said in its weekly report on Wednesday (Oct. 26) that U.S. crude oil inventories fell by 600,000 barrels last week, against market consensus for an increase of 1.7 million barrels.U.S. benchmark West Texas Intermediate (WTI) crude for December delivery increased 54 cents to settle at US$49.72 a barrel on the New York Mercantile Exchange.Meanwhile, Brent North Sea crude, the global benchmark, for December delivery, also rose 54 cents to close at US$50.47 a barrel on the ICE Futures Europe exchange in London, Xinhua reported. (A026)
Editor: Suryanto
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