Oil Nears $50 as Investors Temper Disappointment Over OPEC Deal
- OPEC and allies agree to prolong curbs for nine months
- Producers have more tools to support prices if needed: Russia
Energy Aspects' Sen Sees OPEC Cutting Exports in 3Q
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Oil recovered some of its mojo, nearing $50 a barrel again, as investors tempered their disappointment over OPEC’s output agreement.
Futures rose in New York after slumping on Thursday. While many were frustrated by the accord to prolong current output levels through March, without deeper cuts or an exit plan, Saudi Arabia’s Energy Minister Khalid Al-Falih said the strategy is working and stockpiles will drop faster in the third quarter. Producers have more tools to support prices if needed, Russia’s Energy Minister Alexander Novak said in a Bloomberg television interview.