Oil rises above $30 on hopes of deal to tackle glut

The Organisation of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members.

Russia, seen as key to any deal, has so far refused to cooperate



Oil rose further above $30 a barrel on Tuesday on hopes that the Organisation of Petroleum Exporting Countries and non-OPEC producers may reach deal to tackle one of the biggest supply gluts in decades.
The Organisation of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members.
Russia, seen as key to any deal, has so far refused to cooperate.
Iraq’s oil minister said on Tuesday he saw some flexibility for a deal between OPEC and non-OPEC.
Brent crude rose 17 cents to $30.67 a barrel.
US crude was up seven cents at $30.41.
“Without a production agreement, fundamentals point to lower numbers,” said David Hufton of oil brokers PVM. “With one, oil becomes a 40-to-60 dollars-a-barrel market.”


EmoticonEmoticon