Oil prices climb after OPEC signals possible deal extension

Oil prices inched higher on Monday (Oct 9) after one of the most bearish weeks in months, propped up by OPEC comments signaling the possibility of continued action to restore market balance in the long term.

Oil production platforms in the Gulf of Mexico also started returning to service after Hurricane Nate forced the shutdown of more than 90 per cent of crude output in the area. The prospective restarts kept price gains in check.

Nate has become a post-tropical cyclone that continues to pack heavy rain and gusty winds, the US National Hurricane Centre (NHC) said on Monday…


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