Business
Oil prices increase as global producers agree to cut output
New York, Dec 13
Oil prices increased on Monday after oil producers outside the Organisation of the Petroleum Exporting Countries (OPEC) agreed to reduce output.
Non-OPEC oil producers, led by Russia, agreed on Saturday to reduce crude output by 558,000 barrels per day (bpd), short of the target of 600,000 bpd. It is the first time since 2001 that OPEC and some of its rivals reached a deal to jointly reduce output in order to tackle global oil glut, Xinhua news reported.
Analysts said the market might see an under-supply of crude starting next year. The oil price will most likely stay in the $53-to-57 range.
The West Texas Intermediate for January Delivery increased $1.33 to settle at $52.83 a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added $1.36 to close at $55.69 a barrel on the London ICE Futures Exchange.
55 minutes ago
Annual AANHPI Heritage Month theme: "Bridging Histories, Shaping Our Future."
1 hour ago
Summit on BioPharma and Healthcare at USAIC forges International Alliances
1 hour ago
AI Policy and Innovation to be Guided by USIBC's New AI Task Force
1 hour ago
The maiden piloted launch of Boeing's Starliner is scheduled for Sunita Williams.
1 hour ago
Bipul Sinha, Indian American CEO, Leads Rubrik's Stock to 21% Jump in NYSE Debut
1 hour ago
The Insurance Hall of Fame will induct Prem Watsa in 2024.
2 hours ago
Take urgent action against drug menace: TTV Dhinakaran to TN govt
2 hours ago
Dozens of tornadoes wreak havoc in US
2 hours ago
'A lot has changed, from tech to my hair', Pichai on completing two decades in Google
3 hours ago
LS polls: 2nd phase has been spectacular for BJP, says Assam CM
3 hours ago
We will win many seats in first phase, guarantees had favourable impact: K’taka CM
3 hours ago
Congress asks Kerala CM to explain why he met Prakash Javadekar
3 hours ago
Mexican President urges US to stop issuing human rights report