Business Crude Oil Prices Rise on Hopes for Output Freeze



Crude futures rose on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although persistent global oversupply and Iran's plans to boost production pressured physical oil prices.

Oil futures recovered from one-month lows to end the previous session up after Kuwait said there were "positive indications an agreement will be reached" on output during a producer meeting scheduled for April 17 in Qatar.

U.S. crude futures rose more than a dollar, or 3 percent, to trade at $36.95 per barrel at 1030 GMT (6.30 a.m. ET). International benchmark Brent futures rose as much as 90 cents to trade at $38.77 a barrel.


"Oil (futures) gained some momentum. The comment by the Kuwait OPEC governor provided some support to prices," ANZ bank said, but warned that investors would likely remain cautious ahead of the April 17 meeting.

President Muhamamdu Buhari has pegged oil price at $38 as budget benchmark in the 2016 appropriation bill approved by the national Assembly some weeks ago.

- Yahoo Business