Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
On Thursday OPEC called for its members to pool ‘collective efforts’ to counter increasing U.S. Oil production
(WASHINGTON, DC) While decreased stocks and an improving global economy were supporting oil demand, “continued rebalancing in the oil market by year-end will require the collective efforts of all oil producers to increase market stability,” Organization of the Petroleum Exporting Countries (OPEC) said.
Amid this announcement, oil prices rose on Thursday, with benchmark Brent crude trading comfortably above $50 a barrel after a fall in U.S. inventories and a bigger-than-expected cut in Saudi supplies to Asia helped tightened the market. Continue reading