Oil prices are rising as the world’s largest producers prepare to discuss a deal to combat the stubborn glut of global oil supplies
by Jillian Ambrose
Oil prices advanced for a third consecutive day to reach a one-month high amid growing hope that the world’s largest producers may agree a deal to combat the stubborn glut of global supplies.
The price of Brent crude climbed to $46.61, 10pc higher than at the start of the month but still well below the 2016 highs of $52.50 a barrel seen in June.
Oil was buoyed by speculation that the Organisation of Petroleum Exporting Countries – responsible for nearly 40pc of world supply – is considering joint action to limit output to prop up prices.