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Wednesday, February 17, 2016
Commodity News
Crude Oil prices Rallied
US crude futures rebounded today after the deal between Saudi Arabia
and Russia to freeze oil output at January levels would lead to a wider
pact among producers that could eventually see production cuts to
support prices. US crude had risen 24 cents to USD29.28 a barrel by 0033
GMT, after ending the previous session down 40 cents.
Top oil producers Russia and Saudi Arabia on Tuesday finally agreed to
limit oil production at January levels, and other oil exporters also
joined in. Iraq, Qatar and Venezuela said they would freeze output at
January levels provided a deal could be agreed, while OPEC member Iran
could be offered special terms to freeze oil production levels, sources
said.
Oil prices initially increases on Tuesday on news of the deal but early
gains were wiped out on the realisation there would be no immediate
supply cuts to tackle global oversupply as the changes will be taking
place gradually to stablize the situation
