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Oil rises 2%, reverses loses as Opec+ addresses market weakness

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[NEW YORK] Oil prices rose more than 2 per cent on Thursday, turning positive as Opec and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil markets weaken further. Read more at The Business Times.

The panel pressed laggards such as Iraq, Nigeria and the United Arab Emirates to cut more barrels to compensate for overproduction in May-July, while extending the compensation period from September to the end of December, according to three Opec+ sources.

The Opec news overshadowed the restart of US offshore production after Hurricane Sally passed through the Gulf of Mexico and bearish US economic news.

 

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