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Oil Firms as OPEC+ Poised to Extend Supply Cut


Monday, 1 July 2019 19:13 WIB

Minyak WTIbrent oilOil,Crude Oil


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Oil prices were up on Monday as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.

Brent crude futures for September delivery rose as high as $66.75 a barrel and were up $1.89 at $66.63 a barrel by 0957 GMT. The August delivery contract closed at $66.55 a barrel on Friday.

U.S. crude futures for August climbed $1.67 to $60.14 a barrel, after earlier hitting their highest in over five weeks at $60.28.

Iran - under U.S. sanctions alongside OPEC ally Venezuela - on Monday joined top producers Saudi Arabia, Iraq and Russia in supporting a policy aimed at propping up the price of crude amid a weakening global economy.

Source : Reuters


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