Sunday, December 11, 2016

Oil could head to $60 after Saudis signal deeper output cuts

Oil may climb to $60 a barrel for the first time in almost a year and a half after Russia and other unaffiliated nations joined an OPEC pledge to reduce production and Saudi Arabia surprised the market by saying it will cut more than previously agreed.

Non-OPEC nations said Saturday they will reduce output by 558,000 barrels a day, adding to a Nov. 30 OPEC commitment to cut 1.2 million starting in January. Brent crude has surged more than 15 percent since OPEC announced its first cut in eight years. The price rose above $55 briefly last week ....