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Oil Gains Amid Push by Saudi Arabia for Further Supply Cuts


Tuesday, 3 December 2019 14:46 WIB

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Oil prices rose on Tuesday, as OPEC and its allies discuss whether to deepen a supply cut pact ahead of meetings this week, although prospects after Saudi Arabia's planned listing of Aramco fueled uncertainty for traders, limiting gains.

Brent futures rose 13 cents, or 0.2%, to $61.05 a barrel by 04:24 GMT, after gaining 0.7% on Monday.

U.S. West Texas Intermediate crude was up by 20 cents, or 0.4%, at $56.16 a barrel. The contract rose 1.4% on Monday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said.

Source : CNBC


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