Oil price rises above $40 for first time in months

Brent oil extended gains after rising above $40 a barrel for the first time since December.

Futures of the European benchmark added 1.4 percent London. U.S. stockpiles probably rose 3.5 million barrels last week from an eight-decade high, according to a Bloomberg News survey before government data Wednesday. Ecuador’s foreign ministry said Latin American producers will meet on March 11 to discuss oil prices, while Russia said major suppliers may meet within weeks. China’s crude imports rose to a record in February, while product exports fell to the lowest in nine months.

Read the article on Energy Voice.