Brent Oil Tops $60 for First Time Since 2015 Amid OPEC Optimism
- Saudi Arabia backs extension of output-cut deal beyond March
- Crude futures in New York rise to highest in seven months
A worker passes an oil drilling rig and drill pipes, operated by Rosneft PJSC, in the Samotlor oilfield near Nizhnevartovsk, Russia, on Tuesday, March 21, 2017. Russia's largest oil field, so far past its prime that it now pumps almost 20 times more water than crude, could be on the verge of gushing profits again for Rosneft PJSC.
Photographer: Andrey Rudakov/BloombergBrent surged above $60 a barrel for the first time in more than two years amid enthusiasm that OPEC may extend its supply-restraint deal and indications that the situation between Iraq and the Kurds remains fragile.
The global benchmark jumped to levels last seen in July 2015 and crude in New York closed near an eight-month high. Saudi Arabian Crown Prince Mohammed bin Salman this week backed the extension of production cuts by OPEC beyond March, fueling optimism. At the same time, crude flows from Iraq to Ceyhan, Turkey, remain below normal levels and a U.S. spokesman said the Kurds and Iraqis haven’t reached an official cease-fire.