Crude prices soar from one-month minimums after OPEC approves strategy
On Tuesday, crude prices ascended from one-month minimums during early trading in Asia after OPEC agreed on a long-term strategy, which was perceived as an indication the cartel was reaching an agreement on managing output.
However, the revenues were quite limited as the energy market was weighed down+ by signs of record output from the group, an indication that the glut, which has kept a lid on crude prices isn’t draining away as rapidly as the crude bulls would like.
American West Texas Intermediate futures gained 9 cents, trading at $46.95 per barrel. They had dropped almost 4 percent to $46.86 in the previous session.
Brent for January delivery, the new front-month contract, rose 31 cents, hitting $48.92. As for the previous front-month contract, it sagged almost 3% before expiry on Monday.
On Monday, the Organization of the Petroleum Exporting Countries officially approved a document outlining its long-term strategy, an indication that its members are currently achieving consensus on managing crude output.