Oil Climbs as Equities Recover, OPEC Signals Output Cuts
- IEA chief urges cartel to expand production to protect growth
- Despite gain, WTI on track for worst monthly decline since ‘16
Photographer: Ken James/Bloomberg
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Oil edged higher as global equity markets rebounded and OPEC signaled it may curb output within months.
Futures advanced 0.8 percent in New York on Thursday, wiping out earlier losses. Stock markets moved higher in the U.S. and Europe, fueled by optimism about what positive profit reports portend for economic growth. Meanwhile, the Organization of Petroleum Exporting Countries indicated it may adjust output limits to prevent a re-emergence of a price-killing glut.