Money At Abu Dhabi oil event, hopes that cuts will raise prices

10:50  12 january  2017
10:50  12 january  2017 Source:   MSN

Oil retreats from 18-month highs as dollar strengthens

  Oil retreats from 18-month highs as dollar strengthens <p>Oil prices pared gains after earlier hitting 18-month highs Tuesday, the first trading day of 2017, as the U.S. dollar rallied to its highest since 2002.</p>Crude prices were buoyed earlier in the day by hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Sunday, will drain a global supply glut.

UPDATE 3- Oil prices post gains on OPEC hopes , but doubts linger. Friday, 6 Jan 2017 | 7:48 AM ET. *Saudi Arabia, Abu Dhabi are both cutting supplies. LONDON, Jan 6- Oil prices edged higher on Friday as output cuts by OPEC members met with lingering concern that other producers could try to shirk their share of planned decreases aimed at curbing global oversupply.

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ABU DHABI, United Arab Emirates - Participants at an oil conference in crude-rich Abu Dhabi say they hope production cuts will drive prices even higher.

Emirati Energy Minister Suhail al-Mazroui says there's "a fair movement" toward higher prices. He spoke on Thursday at the Atlantic Council's Global Energy Forum.

However, Patrick Pouyanné, the CEO of French oil firm Total SA, offered a stark warning. He says: "Let's be clear: Volatility is still there."

Crude oil sold for over $100 a barrel in the summer of 2014, before bottoming out below $30 a barrel in January 2016.

OPEC agreed in late November to cut its production by 1.2 million barrels a day, the first reduction agreed to by the cartel since 2008.

Crude oil futures closed at $52.25 a barrel in New York on Wednesday.

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