Oil trades near $67 as Saudi Arabia sees inevitable supply boost

Oil steadied just below $67 a barrel as Saudi Arabia’s energy minister said an OPEC agreement to raise production is “inevitable.”

Futures in New York rose 0.5 percent after a 1.4 percent increase in the past three sessions. After talks in Moscow last night, Saudi Energy Minister Khalid Al-Falih said Thursday he expects OPEC to reach a deal to gradually boost output. His Russian counterpart Alexander Novak said they agree on the need for an increase, but the volume and timing of the extra production are still under discussion.

The Organization of Petroleum Exporting Countries and its allies will meet next week in Vienna at what’s likely to be a contentious summit. Saudi Arabia and Russia are facing opposition from Iraq, Iran and Venezuela on their proposal to relax output caps, while Washington continues to criticize the cartel for boosting prices. Russian President Vladimir Putin will hold talks with Saudi Crown Prince Mohammed bin Salman later Thursday…

 

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