This archive report was first published on 5 December 2019.
On December 4, 2019, oil prices surged ahead of expected talks between OPEC and its allies on production curbs. According to industry data, US crude stockpiles dropped more than forecast, providing further support to the market.
As a result, Brent crude futures rose by $1.18, or 1.9%, to $62 (Sh6,386) per barrel in early trading. Meanwhile, US West Texas Intermediate crude futures increased by 94 cents, or 1.7%, to $57.04 (Sh5,875).
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