Xinhua, New York :
Oil prices settled higher on Friday as Investor sentiment was boosted by supportive comments from OPEC (Organization of the Petroleum Exporting Countries) members about the cartel’s output cuts.
The United Arab Emirates energy minister said on late Thursday that oil producers led by Saudi Arabia and Russia aimed to draft an agreement on a long-term alliance by the year end, according to CNBC.
Some analysts also attributed oil’s increases to a broad-based rebound in global stock markets.
The rising U.S. crude output, however, continued to weigh on the market.
Oil prices settled higher on Friday as Investor sentiment was boosted by supportive comments from OPEC (Organization of the Petroleum Exporting Countries) members about the cartel’s output cuts.
The United Arab Emirates energy minister said on late Thursday that oil producers led by Saudi Arabia and Russia aimed to draft an agreement on a long-term alliance by the year end, according to CNBC.
Some analysts also attributed oil’s increases to a broad-based rebound in global stock markets.
The rising U.S. crude output, however, continued to weigh on the market.
