Brent reverses higher on track for third straight profit

2019-01-03 14:08:38 GMT (Economies.com)
Brent reverses higher on track for third straight profit

International benchmark Brent reversed higher in American trade after earlier losses in Europe, heading for the third profit in a row and nearing two-week highs as OPEC's deal to cut output goes into effect. 

 

As of 13:35 GMT, Brent rose to $55.85 a barrel, with a session-high at $56.11, and a low at $53.92. 

 

Brent climbed 2.0% on Wednesday, the second profit in a row, marking two-week highs at $56.54. 

 

OPEC is putting a deal to cut global output into effect to support the market and shore up prices. 

 

OPEC, alongside Russia, announced an agreement last month to trim supplies by 1.2 million bpd starting January. 

 

OPEC will take up 800 thousand bpd of the deal, while independent producers, chiefly Russia, will take 400 thousand bpd. 

 

Russian energy minister Alexander Novak said in recent remarks his country will cut output by 3 to 5 million tonnes a day in the first half of 2019 in accordance with the deal with OPEC. 

 
 
 
  Symbol Last Change Chg.%
1.1292
0.0074
0.6601%
1.2705
0.0122
0.9692%
15.454
0.586
3.941%
57.377
4.868
9.271%
64.44
2.57
4.15%
1389.155
47.875
3.569%
 
 
Live Forex Updates