The Buzz | Oil rises above USD50 as Iraq raises prospect of more OPEC action
Oil extended gains above USD50 a barrel in New York as Iraq raised the prospect of OPEC taking further steps to clear a global supply glut.
Iraq said there’s support in the OPEC to deepen output curbs by about 1 percent. Still, Iraq has failed to deliver the supply cuts it committed to under the current agreement. U.S. refiners are delaying scheduled maintenance as they resume operations after Hurricane Harvey, supporting demand for crude.
While oil has rebounded in two weeks, prices have struggled to hold above $50 a barrel this year as rising U.S. output stifles supply curbs led by OPEC members and allies such as Russia. Caribbean islands still recovering from Irma are bracing for a third hurricane strike in two weeks, as Maria tracks toward the U.S. coast.
