Oil edges up after Russia signals greater output cuts
The slight recovery came after a 3% slump on Thursday with Opec failing to reach agreement on production cuts
London — Brent oil futures edged higher on Friday after Russia seemed likely to contribute a bigger output cut to an Opec and non-Opec deal, but Saudi Arabia voiced pessimism on whether an agreement could be reached as Iran insisted on an exemption. International Brent crude oil futures fell below $60 a barrel in early trade, but firmed to $60.17 a barrel by 10.41am GMT, up 11c from the close. US West Texas Intermediate (WTI) crude futures were down 18c at $51.3 a barrel. The slight recovery came after crude slumped by almost 3% the previous day, with the Opec ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply. Iran appeared on Friday to be the main obstacle for an Opec deal to cut oil production, as the group’s leader Saudi Arabia had yet to agree exemptions for sanctions-hit Tehran, two Opec sources said. Saudi energy minister Khalid al-Falih said he was not confident a deal could be reached. Opec also wants to ge...
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.