Energy Up After OPEC Production-Cut Extension -- Energy Roundup
Shares of energy producers rose after the Organization of the Petroleum Exporting Countries agreed to extend a production-cut deal at a meeting in Vienna. OPEC and a Russia-led group of oil nations pledged to withhold roughly 2% of global capacity through the end of 2018. "OPEC is on track to achieve the goal of totally erasing the global overhang of oil despite doubts from many and may cause a global supply deficit faster than people think," said Phil Flynn, senior market analyst at Price Futures Group. "Instead of worrying about an extension of production cuts, the market and OPEC are now focusing on an exit strategy that will respond to a tight oil market ahead."
Oil futures ticked down, however, after reports that U.S. oil production had increased markedly in recent weeks.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
November 30, 2017 16:27 ET (21:27 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.