Global crude oil prices rose to their highest this month, today, as a growing consensus emerged in the market that OPEC will overcome internal disputes to strike a deal that materially reduces crude output.So Brent crude oil futures rose 85 cents, to 49.75 dollars a barrel. U.S. crude was up 68 cents, at 48.92 dollars a barrel. OPEC is trying to bring its 14 member states, and non-OPEC producer Russia to agree on a coordinated cut to prop up the market by bringing production into line with consumption.Analysts believe a deal will be reached as the single most important country in OPEC, Saudi Arabia, wants it. While a ceiling for overall OPEC production may be agreed by November 30, it is unclear whether clear quotas per member state will be set. Some countries, such as Nigeria, Iraq, Libya and Iran, argue they should be exempt.
News On AIR | November 22, 2016 5:46 PM
Crude oil prices hit highest this month