Oil Tops $50 as Kuwait Says OPEC in Talks for Meeting Consensus
- Kuwait, other countries support prolonging curbs: Minister
- OPEC exports seen declining further in March by cargo tracker
Crossbridge Capital CIO Says Oil Price Pop Is Likely
This article is for subscribers only.
Crude rose to a three-week high after Kuwaiti comments bolstered optimism that OPEC and its partners will extend output curbs.
Futures in New York climbed 1.7 percent. Kuwait and other countries support prolonging production cuts that are scheduled to expire in June, the Persian Gulf emirateâs Oil Minister Issam Almarzooq told state-run news agency KUNA. Prices rose Wednesday after U.S. government data showed that gasoline inventories dropped more than expected, while refineries boosted the amount of crude they processed by the most in almost three years.