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U.S. oil climbs over $50 a barrel for the first time since June

Latest news gave hope that global oil glut may clear.

06.Oct.16 2:38 PM
By Alesya Davydova


U.S. oil climbs over $50 a barrel for the first time since June

In New York oil priced raised above $50 a barrel for the first time since June, Bloomberg informs. It assumes that declines in U.S. crude inventories and OPEC’s decision gave hope that the global oil glut may clear.

At the end of September OPEC members met in Algiers on the sidelines of the economy forum to discuss the reduction of oil output. On Wednesday Venezuelan Oil Minister Eulogio Del Pino said that next week the block is going to gather again in Istanbul for negotiations with non-OPEC member Russia which is expected to join their decision as well.

“The drop in crude inventories over the last several weeks is seen by some as a sign that the market’s rebalancing,” said John Kilduff, a partner at Again Capital LLC, a New York hedge fund focused on energy. “It has a lot to do with an increase in crude-oil exports. The local glut is easing but that’s not helping the global glut.”

At the same time experts warn that hurricane Matthew, which is heading for Southeast of the United States, may disrupt East Coast fuel shipments.

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