Tag: OPEC

Crude rose above $55 a barrel as rising prospects of a tightening market after last week’s OPEC landmark deal to cut production has given speculators impetus to increase bets on higher prices. Monday’s gains took the rally since the Organization of the Petroleum Exporting Countries’ agreement was struck on Wednesday to 19 per cent for […]

An agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted “a big hit” and dropped […]