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Oil hovers near $52 a barrel

Oil is holding a second week of gains after the strongest signal yet that the Opec will extend supply curbs until the end of 2018

Angelina Rascouet | Bloomberg 

Oil traded near $52 a barrel as the Organization of Petroleum Exporting Countries (Opec) reported record compliance with pledged production cuts and US drilling slowed again. December futures were little-changed in New York. Opec and its partners including Russia achieved a record-high level of compliance to output cuts during September, according to a statement on Saturday. In the US, drillers reduced the rig count for a third week to the lowest since June, according to Baker Hughes.  Oil is holding a second week of gains after the strongest signal yet that the Opec ...

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First Published: Tue, October 24 2017. 02:19 IST
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