Tuesday’s gain brought oil prices’ rally since the beginning of this year up to 60 per cent, rising from around $50 per barrel at the beginning of the year.WTI crude futures extended gains to $79 a barrel yesterday, holding at the highest level since November of 2014, and following a 2.3 per cent gain in the previous session.ADVERTISEMENT
Organisation of Petroleum Exporting Countries and its allies on Monday, stuck with its planned 400,000 bpd increase in crude output quota for November, in line with a recommendation from the Joint Ministerial Monitoring Committee, and despite pressure from some countries including the US and India to add more oil to stabilise prices.
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