Oil jumps towards $67 as OPEC, partners discuss proposal to cut output
Crude rallied after three sources familiar with the issue said OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials have mentioned previously International benchmark Brent crude rose $1.18 a barrel to $66.65 as of 0955 GMT, having fallen as low as $65.02 earlier. U.S. crude was up 60 cents at $56.29.
Most analysts expect U.S. output to climb above 12 million bpd within the first half of 2019. The rise in US production is contributing to higher stockpiles. Image source: Reuters