Oil Climbs as Venezuela Sees Output Deal

Oil prices rose on Monday from multi-week lows after Venezuela said OPEC and non-OPEC producers were close to a deal to stabilize the market and as clashes in Libya disrupted attempts to boost crude exports.

Brent crude futures were at $46.32 per barrel at 1043 GMT, up 55 cents from their previous settlement and off an earlier peak of 46.62. U.S. crude was up 61 cents, or 1.4 percent, at $43.64 a barrel.

Venezuelan President Nicolas Maduro has said a deal could be announced this month to stabilize oil markets, which have come under pressure due to persistent oversupply.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam