Off the wire
• Irish property prices up 7.2 pct in year to August  • Sudanese president says avails South Sudan by 2016 to implement signed agreements  • Over half a million children need aid after hurricane in Haiti, UN relief wing says  • Iran to recall technicians from Iraq as some killed in Kirkuk attack  • S. African president saddened by death of student during protest  • Kenya plans to introduce toll roads  • Portugal says DBRS rating proves gov't path to promote economic recovery correct  • UN confirms receiving South African letter on ICC withdrawal  • Oil prices rise on crude reduction deal optimism  • Four dead, 19 injured in Brazil's third prison riot in a week  
You are here: 　 Home

Oil prices rise on crude reduction deal optimism

Xinhua, October 22, 2016 Adjust font size:

Oil prices ended mildly higher Friday as traders expected that major crude producers will strike firm deal late next month to curb output.

Russian energy minister Alexander Novak reiterated the need for coordinated action among major oil producers to stem a two-year slide in prices, according to media reports.

Novak said he' s traveling to Saudi Arabia over the weekend to make some proposals, before meeting with Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo on Monday.

OPEC will hold a meeting on Nov. 30 to find common ground on capping oil production. The cartel is expected to work out how each member country will contribute to a freeze at the gathering.

Meanwhile, oilfield services company Baker Hughes reported Friday that the number of rigs operating in U.S. fields rose by 11 to 443 last week, marking the 16th increase in the past 17 weeks.

The West Texas Intermediate for December delivery rose 0.22 U.S. dollar to settle at 50.85 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 0.40 dollar to close at 51.78 dollars a barrel on the London ICE Futures Exchange. Endit