Oil prices were largely up on Thursday, as traders waited to see whether oil- producing countries set to meet in Vienna would extend production limits to reduce the global crude glut.
By 11.56 a.m., Brent crude was trading at 56.29 dollars a barrel. U.S. crude was 50.64 dollars.
Ministers from the Organisation of the Petroleum Exporting Countries, Russia and other producers would meet in Vienna on Friday to consider extending an agreement to reduce output by about 1.8 million barrels per day (bpd).
Many analysts expected them to extend the deal that currently lasted till March, but many also said prices at current levels could encourage some countries to boost production.
Oil prices surged more than 15 per cent over the last three months as global oil supply tightened.
That gain would make this the strongest third quarter for the market since 2004.
(Reuters/NAN)
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...
JOIN THE CONVERSATION