Brent Crude climbed above $80 a barrel to its highest point since November 2014 on Monday after OPEC and its allies refrained from announcing a raise in oil production despite pressure from US President Donald Trump to increase supply.
The Organisation of the Petroleum Exporting Countries (OPEC) along with Russia and other non-OPEC nations met in Algiers on Sunday to discuss the possibility of raising output but ruled out any increase. On the news, Brent Crude rose 2.6% to $80.1 a barrel, the highest level since November 2014, while West Texas Intermediate (WTI) jumped 2.1% to $72.3 a barrel. On 20 September, Trump once again called for Saudi Arabia to increase production, claiming the cartel leader should raise output as the US had helped the country in its struggle against Iran. It is thought the President want...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
