Signs of balance, or even a deficit, lift oil prices higher

Expectations that OPEC’s balancing act is working helped lift oil prices higher on Friday, but gains may be limited by the possibility of U.S. production gains.

Two years ago in Vienna, members of the Organization of Petroleum Exporting Countries joined forces with big producers like Russia in an agreement to sideline about 2 percent of global demand in an effort to erase the market surplus that pushed oil prices below $30 per barrel in early 2016.

“It is not for us to declare on behalf of the Vienna agreement countries that it is ‘mission accomplished,’ but if our outlook is accurate, it certainly looks very much like it”…

 

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