The price of oil rose to $70 a barrel on Thursday, its highest level since December 2014, after OPEC ministers re-iterated their stance on limiting the world's oil supplies.
According to CNBC, Suhail al-Mazrouei, the UAE oil minister and OPEC president, said the alliance between OPEC and non-OPEC producers, such as Russia, could continue beyond the December 2018 deadline in an attempt to stabilise oil markets. "I am expecting that this group of countries that stood and have become responsible for helping the market to correct, [that] there is a very good chance that they could stick together and put a shape around that alliance," al-Mazrouei told CNBC. On the news, Brent Crude briefly broke the $70 a barrel mark before returning to its current price of $6...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
