Oil jumps amid talk of producer action to support prices:Crude oil futures rose sharply on Monday amid renewed speculation that major producers including Saudi Arabia and Russia could cooperate to tackle weak prices and rein in oversupply. Brent crude futures for November delivery were up USD 2.09 per barrel at USD 48.92 a barrel at 0902 GMT. US crude for October delivery was up USD 1.70 a barrel at USD 46.14 a barrel.
Brent crude oil trade overtakes WTI for first time since 1995
Brent Crude is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. t is sourced from the North Sea, and comprises Brent Blend, Forties Blend, Oseberg and Ekofisk crudes. Brent is the leading global price benchmark for Atlantic basin crude oils. It is used to price 2/3 of the world's internationally traded crude oil supplies. Acronym for the formation layers of the oil field: Broom, Rannoch, Etive, Ness & Tarbert.
The price of oil has fallen as OPEC oil producers prepare for their meeting on Thursday and data showed crude stocks rose last week. Inventories of commercial US crude oil increased by 1.9 million barrels from the previous week, according to the US Energy Information Administration. Brent crude future's price slid 0.8 to $77.75 a barrel after the data.