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Oil Up Second Straight Month On OPEC-Fueled Rally

stander
stander
in Oil, Gas and Energy News

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NEW YORK, Sept 30 (Reuters) - Oil prices settled mixed on Friday while posting their second straight monthly gain on OPEC's planned output cuts, even as skepticism about the cartel's pledge grew after data suggested another record high in its production.

Brent crude settled up 4 percent for September and U.S. West Texas Intermediate (WTI) crude rose 8 percent, helped by Wednesday's announcement by the Organization of the Petroleum Exporting Countries in Algeria that it aimed to remove some 700,000 barrels per day (bpd) from the market.

Analysts estimate the global oversupply in crude at 1.0-1.5 million bpd.

http://www.downstreamtoday.com/news/article.aspx?a_id=53720

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