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WTI rises 3.3% as Vienna Pact agrees to cut 1.2 MMbo/d
The WTI front-month contract rose $1.68, or 3.3%, last week to settle at $52.61/ bbl. Trading was volatile as OPEC and Russian officials sent mixed signals concerning possible supply cuts. It took until Friday to reach a formal agreement, but the Vienna Pact will cut 1.2 MMbo/d to stabilize and boost global oil prices and fend off another supply glut. Meanwhile, the market is weighed down by fear of a renewed US-China trade dispute that would hurt global economic growth and......
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