HOUSTON, Aug 31 - U.S. crude oil prices gained end its cycle more than $2 a barrel near the end of trade on Thursday on expectations that production cuts by the Organization Petroleum Exporting Countries and its allies, called OPEC+, would continue through the end of 2023.Brent crude futures for October, expiring on Thursday, finished up $1, 1.16%, at $86.86 a barrel. The more active November contract gained $1.59, or 1.02% at $86.83.
Also Thursday, the U.S. Energy Information Administration said U.S. field production of crude oil rose 1.6% in June to 12.844 million barrels per day, the highest since February 2020, before the COVID-19 pandemic destroyed demand for fuel and other oil products. "With Brent prices having stalled in the mid-$80s ... the prospect of those Saudi barrels returning to the market any time soon looks slim and the impact is increasingly being felt across the world as commercial stock levels of crude and fuel products continue to drop," said Ole Hansen, a Saxo Bank analyst.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »