Oil prices hit a seven-month high.
Oil prices rose to a seven-month high on Monday after major producers said the global market was on track to rebalance at a meeting in Vienna; Brent crude was up $0,88, or 1,55 percent, at $57,74 a barrel at 8:37 a.m. (Brasilia time); U.S. crude was up $0,45, or 0,89 percent, at $51,11 a barrel.
Reuters Oil prices surged to a seven-month high on Monday after major producers said the global market was on track to rebalance at a meeting in Vienna.
Brent crude was up $0,88, or 1,55 percent, at $57,74 a barrel at 8:37 a.m. (Brasilia time). U.S. crude was up $0,45, or 0,89 percent, at $51,11 a barrel.
The Organization of the Petroleum Exporting Countries, Russia, and several other producers have reduced production by about 1,8 million barrels per day (bpd) since the beginning of 2017, helping to raise oil prices by about 15 percent in the last three months.
Kuwait's Oil Minister Essam al-Marzouq, who chaired Friday's meeting in Vienna of the Joint Ministerial Monitoring Committee, said that production limits were helping to reduce global oil inventories to their five-year average, the stated target of OPEC.
Russia's Energy Minister said that no decision on raising production limits beyond the end of March is expected before January, although other ministers have suggested that such a decision could be made before the end of this year.