Crude prices ascend on dropping shale output
On Tuesday, crude prices leapt approximately 2% just to move away from multi-month minimums reached the day before, pushed higher by hopes for falling shale production as well as renewed optimism that OPEC will deliver on touted output cuts.
December delivery crude futures surged 2.1%, trading at $44.22 per barrel. They hit their lowest value in almost two months the session before.
January delivery Brent futures grew 1.9%, trading at $45.24 per barrel.
Prices were buoyed by hopes that in December, American shale crude production will fall to its lowest outcome since April 2014 to 4.5 million barrels per day.
Saudi Arabia's energy minister told it was imperative for the Organization of the Petroleum Exporting Countries to reach a compromise on activating a deal made in September in order to curb output.
Also backing crude markets was news that Harold Hamm, chief executive at American independent oil producer Continental Resources, could act as energy secretary when Donald Trump becomes American president.