Crude Oil Prices Push Higher as Optimism Persists

Investing.com – prices pushed higher on Monday, amid persistant optimism that the Organization of the Petroleum Exporting Countrieswill extend its supply cut plan.

The U.S. West Texas Intermediate crude December contract was up 51 cents or about 0.95% at an eight-month high of $54.381 a barrel by 10:00 a.m. ET (14:00 GMT).

Elsewhere, for December delivery on the ICE Futures Exchange in London was up 42 cents or about 0.72% at $60.55 a barrel, just off Friday’s 27-month peak of of $60.65.

Crude prices rallied last week after Saudi Arabian Crown Prince Mohammed bin Salman indicated that the top oil exporter needed to extend production cuts in order to stabilize markets, suggesting an agreement for another nine month extension through the end of next year.

Russian President Vladimir Putin also said in Moscow earlier this month that November was too early to make a decision, but, at the same time, added that he doesn’t rule out an extension to the end of 2018.

On Friday, OPEC’s Secretary General Mohammad Barkindo declared that “OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018.”

Elsewhere, were up 0.03% at $1.72 a gallon, while advanced 0.98% to $2.993 per million British thermal units.

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