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Oil rises for fifth day on expectations of extended output cuts


Tuesday, 10 September 2019 17:54 WIB

Minyak WTIMinyak jenis Brent


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Oil futures rose slightly on Tuesday to their highest levels in almost six weeks on optimism that OPEC and other producing countries may agree to extend output cuts to support prices.

Brent was up 7 cents at $62.66 a barrel by 0840 GMT, while U.S. West Texas Intermediate (WTI) futures were up 15 cents, or 0.6%, at $58.17 a barrel.

Brent earlier hit its highest level since Aug. 1, while U.S. crude rose to its highest since July 31.

Prince Abdulaziz bin Salman, Saudi Arabia's new energy minister and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the kingdom's policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained.

Source: Investing.com


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