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Oil climbs for fourth straight session on lower output

by ChemOrbis Editorial Team -
  • 04/01/2019 (09:06)
On January 3, global oil prices rose for the fourth straight session on reports that indicated declines in crude output from major oil producers, including Saudi Arabia.

The gains followed the recent surveys that showed reduced monthly supply from members of the Organization of the Petroleum Exporting Countries (OPEC), suggesting that Saudi Arabia made an early start on the production cuts agreed in December last year.

West Texas Intermediate crude oil futures for February delivery rose by 55 cents to settle at $47.09/barrel on the New York Mercantile Exchange and marked the longest streak of gains since late August 2018. The other global benchmark, Brent crude oil, gained $1.04 to finish the session at $55.95/barrel on Thursday.
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