Oil rises 2 percent on signs rebalancing underway

NEW YORK – Oil prices rose about 2 percent on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply. Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact. The Organization of the Petroleum Exporting Countries is seeking to hold a second meeting with U.S. independent…

"Oil rises 2 percent on signs rebalancing underway"

Oil rises 2 percent, boosted by potential OPEC deal

NEW YORK – Oil prices rose about 2 percent on Thursday as signs Saudi Arabia and Russia would limit production through next year pushed the U.S. benchmark back above $50 a barrel. The news outweighed Wednesday’s U.S. data showing record U.S. exports and the return of production at a major Libyan oilfield. Brent futures LCOc1 settled at $57 a barrel, up 2.2 percent, or $1.20, while U.S. crude CLc1 rose 81 cents, or 1.6 percent,…

"Oil rises 2 percent, boosted by potential OPEC deal"