Oil Climbs On Hopes For Output Cut, Dollar Slips

Reuters

NEW YORK, Jan 28 (Reuters) - Crude oil prices rose on Thursday to their highest in three weeks on hopes for a pact among oil producers to cut output, while the dollar slipped on bets that interest rate hikes by the Federal Reserve would be more gradual than it has suggested.

The rebound in the oil market lifted share prices on Wall Street and other stock markets in another rollercoaster session. European stocks fell on disappointing earnings reports.

The persistent volatility in U.S. and European equity markets underpinned demand for U.S. and German government bonds.

However, gold, normally considered a safer asset in times of turbulence, retreated from 12-week highs.

"Once the oil market establishes stability, it would be good for the global economy," said Ron D'Vari, chief executive at NewOak Capital LLC in New York.

Russian energy minister Alexander Novak and a senior Gulf OPEC delegate suggested that major oil producers may pare production in an effort to ease a global supply glut that has hammered oil prices over the past year and a half.

It remained unclear whether a deal to cut production by up to 5 percent would be struck anytime soon.


123

View Full Article

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Logistics Coordinator
Expertise: Budget / Cost Control|Estimating|Supply Chain Management
Location: Tupman, CA
 
United States San Antonio: Senior Technical Professional - MultiChem
Expertise: Engineering Technician|Sales
Location: San Antonio, TX
 
Project Manager I
Expertise: Corrosion Engineering|Pipe Inspection / NDT|Project Management
Location: San Diego, CA
 
search for more jobs

Brent Crude Oil : $45.89/BBL 3.69%
Light Crude Oil : $44.48/BBL 3.97%
Natural Gas : $2.96/MMBtu 1.00%
Updated in last 24 hours