Oil advances as OPEC deal hopes strengthen among members, Russia

Oil extended gains above $46 as Russia and Iran signalled optimism Organisation of Petroleum Exporting Countries (OPEC) will agree to a supply deal later this month to support prices and help re-balance global markets. Prices climbed as much as 1.3 per cent in New York, adding to a 5.3 per cent advance last week. There are no major obstacles left within the OPEC to reaching a deal, Russian President Vladimir Putin told reporters Sunday in Lima. Iranian Oil Minister Bijan Namdar Zanganeh said its “highly probable” members will reach a consensus, according to comments published by the country’s Shana news service. Oil has retreated since reaching a 2016 high last month near $52 a barrel amid scepticism about the ability of OPEC to implement the deal agreed on September 28 in Algiers. The group is seeking to trim output for the first time in eight years, a plan complicated by Iran’s commitment to boost production and Iraq’s request for an exemption to help fund its war with Islamic militants. (Perry Williams/Bloomberg)