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Oil prices post 2nd monthly gain on Opec-fuelled rally

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Published Sun, Oct 2, 2016 · 09:50 PM

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    New York

    OIL prices settled mixed on Friday while posting their second straight monthly gain on the Organization of the Petroleum Exporting Countries' (Opec) planned output cuts, even as scepticism about the cartel's pledge grew after data suggested another record high in its production.

    Brent crude settled up 4 per cent for September and US West Texas Intermediate (WTI) crude rose 8 per cent, helped by Wednesday's announcement by Opec in Algeria that it aimed to remove some 700,000 barrels per day (bpd) from the market.

    CommoditiesOil prices

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