Brent crude rallied sharply Thursday after new data showed factory activity in the US mid-Atlantic growing at its fastest rate in two decades and traders turned their attention to next week’s Nov. 27 Opec meeting, where an output cut is looking increasingly likely. Brent settled at $79.33 per barrel on Nov. 21, up $1.41/bbl on the week, and was changing hands well-above $80/bbl in early Friday trade. US domestic price-peg WTI closed at $75.58/ bbl for a gain of $1.37/bbl. Libya, Venezuela and Ecuador are among those Opec members publicly calling for a cut to shore up oil prices, which have lost almost a third of their value in the last five months.
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