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Oil rebounds 1% as OPEC reaffirms planned output cut

CommoditiesNov 07, 2016 07:30AM ET
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Investing.com – Oil rebounded over 1% Monday as OPEC reaffirmed its commitment to cutting output.
U.S. crude was up 75 cents, or 1.70%, at $44.82 at 06:45 ET, while Brent crude added 1.36% to $46.20.
Oil futures last week suffered losses that were the steepest since January.
Sentiment was buoyed by the FBI’s decision to absolve Hillary Clinton of criminal wrongdoing in her use of a private server for emails while Secretary of State.
Clinton is seen as the status quo candidate in the November 8 presidential election.
OPEC secretary-general Mohammed Barkindo said Monday the cartel is committed to a planned cut in output to 32.5-33 million barrels per day to address a supply glut.
OPEC members are due to hold a formal meeting on November 30 in Vienna.
Baker Hughes figures released Friday showed that the number of oil rigs operating in the U.S. rose by nine in the last week to 450.
The dollar was higher. A stronger dollar undermines demand for oil.

Oil rebounds 1% as OPEC reaffirms planned output cut
 

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Nov 08, 2016 5:08AM ET
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