Oil prices rose for a second straight day
on Thursday (Feb 26), jumping after Venezuela raised hopes for a production
limit that could help address the global oversupply. The US benchmark West
Texas Intermediate (WTI) for delivery in April rose 92 cents (2.9 per cent) to
US$33.07 a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for April
delivery, the European benchmark, closed at US$35.29 a barrel, up 88 cents (2.6
per cent) from Wednesday's settlement. Both contracts had traded lower earlier
in the sessions. But they shot up in late trade on reports that Venezuela's oil
minister, Eulogio Del Pino, said that his country was preparing to meet in
March with other producers to discuss ways to stabilize the market. More… 
Friday, February 26, 2016
Oil jumps after Venezuela renews hope for output limit
Oil prices rose for a second straight day
on Thursday (Feb 26), jumping after Venezuela raised hopes for a production
limit that could help address the global oversupply. The US benchmark West
Texas Intermediate (WTI) for delivery in April rose 92 cents (2.9 per cent) to
US$33.07 a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for April
delivery, the European benchmark, closed at US$35.29 a barrel, up 88 cents (2.6
per cent) from Wednesday's settlement. Both contracts had traded lower earlier
in the sessions. But they shot up in late trade on reports that Venezuela's oil
minister, Eulogio Del Pino, said that his country was preparing to meet in
March with other producers to discuss ways to stabilize the market. More… 
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