Oil extends gains above $44 on output freeze hopes

August 15, 2016 11:57 AM

24 0

Oil extends gains above $44 on output freeze hopes

Oil traded above $44 a barrel in Asia Monday, extending gains on hopes crude producers would agree to freeze output at a meeting next month, easing a stubborn global supply glut.

Saudi Arabian oil minister Khalid al-Falih’s comments last week that producers could discuss action to stabilise markets lifted market sentiment, helping prices rebound since closing below $40 a barrel and tumbling into a bear market earlier this month.

Also read: WestJet to gain market share with Delta joint venture: Moody's

Read more

To category page

Loading...