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Oil prices rise set for strongest Q3 gain since 2004

Opec and non-Opec producers including Russia have agreed to reduce output by about 1.8 million barrels per day until March

Reuters  |  London 

Oil prices rise was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that Organization of the Petroleum Exporting Countries (Opec) and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent crude futures were up 48 cents at $55.62 a barrel by 1020 GMT, while US West Texas Intermediate (WTI) crude futures rose 54 cents to $50.02. The oil price is on course for a rise of 15.5 per cent this quarter, which would make this year’s performance the strongest for ...

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First Published: Thu, September 21 2017. 00:59 IST