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Oil rises more than 2% as OPEC moves to extend supply cuts DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Oil rises more than 2% as OPEC moves to extend supply cuts Empty Oil rises more than 2% as OPEC moves to extend supply cuts

Post by RamblerNash on Mon Jul 01, 2019 11:53 am

Oil rises more than 2% as OPEC moves to extend supply cuts

Oil rises more than 2% as OPEC moves to extend supply cuts Story_img_5d19b8a0afaf7

2019/7/1 10:39

{International: Al Furat News} Oil prices rose more than a dollar a barrel on Monday as OPEC and its allies moved to extend supply cuts until the end of 2019 at least during their meeting in Vienna this week.

Brent crude for September delivery touched a peak of $ 66.63 a barrel at $ 1.72, up 2.7 percent at $ 66.46 a barrel by 0639 GMT.

US crude futures for August delivery rose 1.52 dollars, or 2.6 percent, to 59.99 dollars a barrel, after touching earlier highs in more than five weeks at 60.13 dollars.

Iran on Monday joined top Saudi producers, Iraq and Russia in supporting a policy aimed at raising crude prices amid a weak global economy.

The Organization of Petroleum Exporting Countries (OPEC), Russia and other producers, under the so-called OPEC +, meet on Monday and Tuesday to discuss supply cuts. The group has shrunk oil production since 2017 to prevent price declines as the global economy slows and US production grows

http://alforatnews.com/modules/news/article.php?storyid=202365
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