Off the wire
• Armenia to revamp movie industry  • One Chinese injured in New Jersey train accident  • Austria's 2017 growth forecasts revised downwards  • Spain's economy to grow by 3.2 pct in 2016: Bank of Spain  • Tanzania endorses oil pipeline construction  • Tanzania's economy grows 7.9 pct in Q2  • Feature: Israel mourns its last founding father  • Huawei partners with UAE universities for innovation challenge  • Oil prices extend gains on OPEC deal  • Nigeria's ruling party candidate wins governorship election  
You are here: 　 Home

Oil prices extend gains on OPEC deal optimism

Xinhua, September 30, 2016 Adjust font size:

Oil prices kept rising Thursday as investors continued to cheer over the deal made by OPEC (Organization of the Petroleum Exporting Countries) members Wednesday to limit crude output.

The OPEC on Wednesday reached a "historical" agreement to ceil oil output from 33.24 million barrels a day to a range of 32.5 million to 33 million barrels a day, marking the first production-cut deal among OPEC members in eight years.

President of OPEC Mohammed Bin Saleh Al-Sada told a press conference that the participants agreed to set up a committee to consider the output share of each member nation, and then file a report to the next OPEC meeting due in Vienna in November.

Oil prices surged Wednesday following the news, with both U.S. oil and Brent crude jumping over 5 percent. Riding on optimistic sentiment of the deal, oil prices continued to rally Thursday.

However, some analysts said there remained a lack of clarity over details, as well as a risk the deal could unravel.

The West Texas Intermediate for November delivery added 0.78 U.S. dollar to settle at 45.88 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 0.55 dollar to close at 49.24 dollars a barrel on the London ICE Futures Exchange. Enditem