Economic news

North Sea output break and next OPEC meeting drive oil prices higher

Crude prices surges over 1% today, buoyed by an interruption in North Sea output and possible steps by OPEC to restrict exports in a bid to prevent oversupply in the coming week.

Photo: Reuters

Brent futures ran up to $61.10 for a barrel, which is 89 cents above the level of the last close.

U.S. WTI futures leaped to $52.36 per barrel, growing 80 cents.

Even though oil prices have risen significantly, they remain far down from the marks of the start of October, still standing near 30% percent lower since that time, as global oversupply seems likely.


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