home Oil Prices Oil Rises 2% As Market Stabilizes

Oil Rises 2% As Market Stabilizes

United States Oil Growth
Oil production grows by 2%.

Oil gains after the biggest decline over a one week period in over two years.

Reuters reports, “Brent crude futures LCOc1 were up nearly 2 percent, or 92 cents, at $63.71 a barrel by 1442 GMT, while U.S. West Texas Intermediate futures CLc1 rose $1.10 to $60.30. A weaker dollar helped to boost oil by making dollar-priced crude cheaper for holders of other currencies.”

Russia has agreed to decrease their output by 1.8 million barrels per dollar, while continued growth in U.S. production is anticipated.