Brent oil price hits $41.60, highest in 3months

Brent oil price hits $41.60, highest in 3months

Friday, March 18, 2016 8:15 am

Oil prices appear closing  the week on a high, with Brent hitting  $41.60, the highest level since December in Asia.

After surging more than 10 percent over the prior two sessions, U.S. oil futures CLC1 advanced to $40.55, the highest level since Dec. 4.

They were last trading at $40.25, on track for a 4.6-percent increase for the week, their fifth straight week of gains and longest winning streak in about a year.

Brent crude LCOC1 held close to its three-month high of $41.60 reached in the previous session and again on Friday. It’s headed for a 3-percent gain for the week.

Oil’s rally has also been aided by a weakening dollar, triggered by the Fed’s cautious approach to raising rates.

There is also the planned meeting between OPEC kingpin Saudi Arabia and non-OPEC producers led by Russia. The meeting is billed for  April 17 in the Qatar capital Doha, aiming for the first global supply deal in 15 years.




Join The Conversation

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.