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U.S. shale producers see OPEC pullback helping 2019 profits

Reuters  |  HOUSTON 

By Jennifer HillerHOUSTON (Reuters) - U.S. shale producers cheered OPEC's decision to trim output, a move that sent crude prices higher on Friday, closing at levels that oil executives said would keep their profits flowing. The Organisation of the Petroleum Exporting Countries and Russia-led allies agreed to trim output by 1.2 million barrels per day (bpd) beginning in January. The reduction was larger than the 1 million bpd cut that analysts had expected. U.S. oil futures settled up nearly 2 percent at $52.61 on Friday after trading as much as 4.5 percent higher during the day. Prices peaked ...

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First Published: Sat, December 08 2018. 03:53 IST