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Oil prices up 2 percent as OPEC, Russia near output cut

Reuters  |  LONDON 

By Julia PayneLONDON (Reuters) - Oil prices jumped more than 2 percent on Friday as Russia and the major Middle East producers in OPEC edged closer to an agreement to reduce output to try to drain inventories and support the market.Benchmark Brent crude oil rose $1.80 a barrel to a high of $61.86 before easing back to trade around $61.50 by 1335 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might be unable to agree a deal.U.S. light crude rose $1.19 to a high of $52.68 a barrel.Crude prices fell almost 3 percent on Thursday after the Organization of the ...

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First Published: Fri, December 07 2018. 19:15 IST