Kuwait, Venezuela, Libya and the UAE have urged greater compliance by OPEC with its output target of 27 million bpd on concern that supplies are outstripping demand.
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Crude Oil Futures Getting Up
Oil prices keep on rising for the second day in a row
Oil prices keep on rising for the second day in a row, as several OPEC ministers called for its members to suppress oil production.
US light crude futures rose 56 cents to $42.45 a barrel Wednesday after touching a four-month low at $40.45 on the NYMEX. London?s Brent crude climbed 84 cents to $39.53 a barrel on the IPE.
The Organization of the Petroleum Exporting Countries is meeting in Cairo today to discuss whether or not to cut crude supplies.
Kuwait, Venezuela, Libya and the UAE have urged greater compliance by OPEC with its output target of 27 million bpd on concern that supplies are outstripping demand.
Kuwait, Venezuela, Libya and the UAE have urged greater compliance by OPEC with its output target of 27 million bpd on concern that supplies are outstripping demand.
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