Skip to content
Subscriber Only

Oil Holds Above $50 in New York as Market Waits for Output Deal

  • Russia minister says production could rise to record in 2017
  • Committee to meet in Vienna this month to discuss output cuts
Updated on

Crude settled above $50 a barrel as investors assessed the likelihood of a deal to reduce supply after Russia’s energy minister said the country’s oil output may rise to a record next year.

December futures rose 0.4 percent in New York after swinging between gains and losses during intraday trading. Russia’s Energy Minister Alexander Novak said production could be adjusted depending on talks with OPEC. Russian President Vladimir Putin previously pledged his support to efforts by OPEC to limit output. Gasoline futures jumped after Delta Air Lines Inc.’s Trainer refinery in Pennsylvania was said to extend the shutdown of its fluid catalytic cracking unit.