Sean Seshadi - Oil on rise for second day after Saudi, Nigerian pledges
- Oil futures are on the rise again today on new hopes for market balance, a day after an OPEC meeting that drew promises from Saudi Arabia and Nigeria to cut back on exports and production.
- Light sweet crude is up 0.6% in Globex electronic trading, to $46.62/barrel, and is up 0.6% to $48.87 in London trading.
- Production cuts are having a mild impact so far, but Chinese demand is still in play and the country is aggressively building stockpiles, says Energy Aspects.
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