The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Crude soars, but 2018 outlook hints at ample supply
On Monday, crude rallied amid an everlasting North Sea pipeline outage as well as indications that booming American crude output surge might be slowing. However, the 2018 outlook hints at ample supply notwithstanding output cuts by OPEC.
American West Texas Intermediate crude futures hit $57.66 a barrel, gaining 0.6% from their previous settlement.
As for Brent crude futures, they reached $63.59 a barrel, ascending 0.6% from their previous close.
Market participants told that a bit higher prices emerged on the back of the North Sea Forties pipeline system outage that provides crude, backing the Brent benchmark and also indicators that American crude output surge might be slowing.
North Sea operator Ineos told about force majeure on all crude and gas shipments via its Forties pipeline system the previous week after cracks were discovered.
In America, by December 15 energy companies reduced rigs drilling for fresh output to 747 for the first time for six weeks.
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