Oil prices were up this morning as the market recovered some of last week’s losses on renewed hope that the world’s major oil producers will come to an agreement regarding production cuts, The Wall Street Journal reports.
U.S. crude futures rose 64 cents, or 1.45%, to $44.71 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 52 cents, or 1.14%, to $46.10 a barrel. The rises came after the secretary-general of the Organization of the Petroleum Exporting Countries reaffirmed its commitment to cutting output. OPEC Secretary-General Mohammed Barkindo says the organization remains committed to the tentative accord the group reached in Algiers in September, adding that Russia also remains on board with the plan to limit output.
The statements helped bolster oil markets following reports of disagreements between OPEC members that stoked fears that the continuing talks about production cuts won’t lead to a deal at the group’s meeting in Vienna on Nov. 30.