Oil prices climbed on the New York market Oct. 31 and reached above $55/bbl in early Nov. 1 trading on what analysts called growing optimism that the Organization of Petroleum Exporting Countries will extend its production-cut targets.
Ole Hansen, head of commodity strategy for Saxo Bank, noted Brent crude oil traded above $60/bbl on the London market for 4 days as of Nov. 1 while the US benchmark tested its own 2017 high.
Late last year, OPEC and some non-OPEC producers, including Russia, initially agreed to production-cut targets of about 1.8 million b/d lower than October 2016 levels. Those targets became effective in January and were formally extended earlier this year through March 2018.
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