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Oil Rallies as Russia & OPEC Resume Output Freeze Discussion

August 16, 2016 at 22:45 by Vladimir Vyun

Crude oil rallied during the Tuesday’s trading session as talks about output freeze agreement had revived. According to reports, officials from Russia and the Organization of Petroleum Exporting Countries discussed limiting production. Another round of talks is scheduled for October.

Analysts are rather skeptical about prospects for an agreement. Earlier this year, a similar deal had been reached but it did not last far. Saying that, experts say the market sentiment is extremely fragile and prone to volatility, reacting strongly on both good and bad news.

September contract for delivery of WTI crude oil traded at $46.30 per barrel as of 22:35 GMT on NYMEX today after rising 1.8% to $49.23. October Brent crude gained as much as 1.82% to $49.23 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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