29 January 2020

Oil rises on talk of more OPEC cuts

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Oil prices edged higher on Tuesday as expectations for major producers to further curtail output offset lingering concerns over global demand and rising U.S. production. reports citing Reuters that Brent crude futures LCOc1 were up 8 cents, or 0.14%, from the previous settlement at $58.65 a barrel at 1032 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in April.

U.S. West Texas Intermediate (WTI) CLc1 futures were at $55.02 per barrel, up 9 cents, or 0.1%.

Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries, said last week it planned to keep its crude exports below 7 million barrels a day in August and September to help drain global oil inventories.

The kingdom’s plan to float its national oil company Saudi Aramco in what could be the world’s largest initial public offering (IPO) gives it further impetus to boost prices.

2019.08.13 / 15:57
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