Print

International benchmarks for oil prices continue to add moderate gain on Thursday (29 September); a day after OPEC said its members have agreed on a draft framework to cut output. Yet, details of the agreement would only be discussed in the next meeting in November. Analysts remain pessimistic of OPEC’s ability to reach any deal. Industry experts said exemptions from cuts granted to Iran, Nigeria and Libya mean that the problem of surplus will not be solved if these countries take full advantage of their capacities again.

WTI closed at $47.83/barrel (+$0.78) for November delivery

Brent closed at $49.24/barrel (+$0.55) for November delivery