London — Oil markets stabilised on Thursday as the expectation that oil cartel Opec would extend production limits balanced rising US crude production and inventories. Brent crude oil was up 20c a barrel at $62.07 by 8.30am GMT. US light crude was 10c higher at $55.43 a barrel. Global oil markets are looking ahead to a meeting of Opec in Vienna on November 30, which is expected to decide to extend limits on crude production to help tighten supply. Opec and other big producers including Russia agreed a year ago to cut crude output by 1.8-million barrels a day to try to bolster prices. That deal is due to expire at the end of March 2018 but ministers have signalled that they are likely to extend the agreement, possibly until the end of next year. "Opec, led by Saudi … will look to support the market," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. Oil prices have risen steadily over the past few months as the impact of supply cuts has drained inventories. ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.