London - Oil extended the longest winning streak in more than four months before the Organisation of the Petroleum Exporting Countries (Opec) and other producing nations start reducing output to stabilise the market.
Futures advanced 0.5% in New York, climbing for a seventh session. Prices are set to recover next year as production cuts help to re-balance an oversupplied market, Saudi Arabia’s Energy Minister Khalid Al-Falih said last week. Opec and 11 nations from outside of the group, including Russia, have agreed to trim about 1.8 million barrels a day from January.
Oil has traded near or above $50 a barrel since Opec agreed last month to curb production for the first time in eight years. Iraq, the second-biggest Opec producer, is fully committed to the accord, Oil Minister Jabbar Al-Luaibi said Thursday in Cairo at a meeting of the Organisation of Arab Petroleum Exporting Countries.