Crude at Four-Month High as OPEC Signals Commitment to Cuts
- OPEC members and allies to meet this weekend to review curbs
- Gains capped by resolution delay in U.S.-China trade conflict
The sun sets beyond crude oil storage tanks at the Juaymah tank farm at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia
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Crude closed higher for a fourth straight day in New York ahead of a weekend meeting where the world’s top exporters will discuss whether to extend supply cuts.
U.S. benchmark oil climbed 0.6 percent on Thursday, settling at a four-month high. Ahead of a meeting in Azerbaijan, the OPEC secretariat urged producers to continue efforts to prevent a surplus this year. Ministers from the coalition’s two central players, Russia and Saudi Arabia, will hold a one-on-one meeting as well as the former nation struggles to keep up its end of a pledge to tighten the market.