Oil Rises Above $50 as OPEC Trims Exports, Sets Meeting on Cuts
- OPEC and non-OPEC producers to gather in Abu Dhabi next week
- Gasoline crack spread rises as Shell Pernis has units offline
BofAML's Blanch Sees a Range-Bound Oil Market
This article is for subscribers only.
Oil closed above $50 a barrel in New York for the first time in two months as OPEC reduces shipments to the U.S. and is set to meet with allies.
Futures rose 0.9 percent in a last-minute surge, extending gains from the biggest weekly rally this year. OPEC will meet with allies in Abu Dhabi next week to discuss compliance with their output-cut accord. U.S. crude imports from member countries slipped 2.6 percent in May, and some of the group’s leading exporters have pledged to reduce shipments next month.