Oil futures rise Tuesday, with the U.S. benchmark extending a rise that saw it close at a nearly seven-year high the previous session after the Organization...
Oil futures moved higher Tuesday, with the U.S. benchmark extending a rise that saw it close at a nearly seven-year high the previous session after the Organization of the Petroleum Exporting Countries and its allies decided not to accelerate its plan for gradually relaxing production cuts.
December Brent crude BRN00, +1.24% BRNZ21, +1.24%, the global benchmark, was up $1.09, or 1.3%, at $82.35 a barrel on ICE Futures Europe. Brent on Monday posted its highest close since Oct. 16, 2018. “In view of the significantly higher price level and the tight market situation, several market participants had been hoping for a more pronounced expansion of supply,” said Carsten Fritsch, commodity analyst at Commerzbank, in a note.
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