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OPEC Cut Drives Oil Price To $61.70, Highest Since 2015

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Crude oil is on the bullish run hitting its highest since mid-2015 on Wednesday as data showed OPEC has significantly improved compliance with its pledged supply cuts and Russia keeping it’s end of the bargain.

Brent crude futures LCOc1 were up 59 cents at $61.53 per barrel at 0905 GMT, having hit a session peak of $61.70 earlier, the highest since July 2015.

U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 a barrel, up 74 cents.

The oil price gained 7 percent in October, marking the fourth consecutive month of gains.

OPEC’s October output fell by 80,000 bpd to 32.78 million bpd, putting adherence to its pledged supply curbs at 92 percent, up from September’s 86 percent

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Akin Akingbala is an international journalist based in Lagos, Nigeria. Aside being happily married, he has interests in music, sports and loves traveling.

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