Oil rise 3 percent as China moves to boost economy, crude output drops
- 8 years ago
Oil prices jumped 3 percent on Monday after China moved to boost its slowing economy, a drop in crude output from OPEC and the U.S., and a pledge by Saudi Arabia to limit market volatility, suggesting a 20-month selloff could be hitting a bottom.
U.S. government data showed U.S. crude oil output in December fell for a third straight month to the lowest since December 2014, while oil demand rose for the first time since August, government data showed.
Output from the Organization of the Petroleum Exporting Countries fell in February from the highest monthly level in recent history, a Reuters survey found, due to a halt in Iraq's northern exports and outages in other producers.
U.S. government data showed U.S. crude oil output in December fell for a third straight month to the lowest since December 2014, while oil demand rose for the first time since August, government data showed.
Output from the Organization of the Petroleum Exporting Countries fell in February from the highest monthly level in recent history, a Reuters survey found, due to a halt in Iraq's northern exports and outages in other producers.