Mubasher: Oil prices ended Tuesday’s trading at its highest close since April, supported by the positive remarks regarding extending the output cut agreement.
Nymex futures for December delivery rose 1.1% to $57.47 per barrel, its highest level since 17 April.
Meanwhile, Brent crude futures went up by 1.7% to the level of $58.33 per barre, by 07:44 PM (GMT).
The Saudi oil and energy minister, Khaled Al Falih said today that all options are open regarding reducing production levels, stressing that there is a will to reduce average output for 5 years.
The Qatari energy minister said that his country would support an extension of the global oil output cuts if needed.
It is worth noting that the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other major non-OPEC producers agreed to cut output by around 1.8 million bpd from 1 January 2017 until March 2018.
OPEC will meet in Vienna on 30 November to decide on its output policy and OPEC officials have said the supply-cutting pact is likely to be extended beyond March.
Compliance with the agreed production cuts reached 120% in September.
