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WTI Crude Oil Rose Above $31.50 Per Barrel

WTI Crude Oil Rose Above $31.50 Per Barrel

Gold Silver Reports → Crude Oil producers finally considering output adjustments, crude-oil traders are beginning to see the market finally hitting bottom after long, dramatic declines, but the large supply glut may not be so easy to eliminate.

The benchmark West Texas Intermediate crude oil rose above $31.50 per barrel at one point in Thursday’s trading. The pricelevel, roughly 20% higher than a week earlier, reflects the market report that crude-oil producers will put off their quest for higher market share to address the glut. An agreement Tuesday among Saudi Arabia, Russia, Venezuela and Qatar to freeze their outputs at January levels has lent to such a view. → Neal Bhai Reports

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