The heads of the world’s largest oil trading houses called an end to a near two-year price slump yesterday as Brent crude rose to its highest level of 2016.
Vitol, Trafigura, Mercuria, Gunvor, Glencore and Castleton, which sell enough oil to meet almost a fifth of global demand, were all but unanimous in telling a Financial Times conference in Lausanne that oil prices were unlikely to revisit the sub-$30 lows of January.
Brent crude, the international benchmark, climbed by nearly 4 per cent to a four-month high of almost $45 a barrel amid mounting expectation of a deal to freeze production at this weekend’s Opec summit.
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