Oil prices rise as Venezuela sees output deal

Dhaka,  Monday,   2016-09-19
Published : 19 Sep 2016, 11:03:51

Oil prices rise as Venezuela sees output deal

Oil prices rise as Venezuela sees output deal
Oil prices rose almost 2.0 per cent on Monday, after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilising deal.

The oil prices climbed as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted.

Venezuelan President Nicolas Maduro has said that a deal could be announced this month to stabilise oil markets, which have come under pressure due to a persistent glut and a price collapse over the past two years.

Brent crude futures LCOc1 were at $46.59 per barrel at 0301 GMT (04:01 am BST), up 82 cents, or 1.8 per cent, from their previous settlement.

US crude CLc1 was up 88 cents, or about 2.0 per cent, at $43.91 a barrel.

Brent and WTI prices had been dragged to multi-week lows on Friday amid worries returning supplies from Libya would add to the global supply glut.

Concerns over rising supplies remain a bugbear on sentiment.

Crude exports from No.3 OPEC producer Iran in August jumped 15 per cent from a month ago to more than 2 million barrels per day, according to a source with knowledge of its tanker loading schedule, closing in on Tehran's pre-sanctions shipment levels of five years ago.

In the United States, drillers have added oil rigs for 11 out of the past 12 weeks. Drillers added two oil rigs in the week to Sept. 16, bringing the total rig count up to 416, the most since February, according to0 a news agency report.

-SRS-
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