empty
 
 

2019.07.0906:45:00UTC+00Oil Prices Rise On Supply Concerns

Oil prices rose above $64 a barrel on Tuesday as an extension to output cuts by OPEC and its allies as well as rising tensions in the Middle East outweighed global growth worries.

Benchmark Brent crude climbed 0.9 percent to $64.69 a barrel while U.S. West Texas Intermediate crude futures were up 0.85 percent at $58.14 a barrel.

OPEC and its allies last week agreed to extend oil supply cuts until March 2020 to prevent prices from sliding amid soaring production from the United States.

Iran has reportedly breached a uranium enrichment cap set by a troubled 2015 nuclear deal, a year after Washington pulled out of the landmark accord between world powers and Tehran.

The European Union said, it was extremely concerned by the development and called on Iran to reverse all activities inconsistent with its deal commitments. U.S. President Donald Trump warned Tehran that "Iran better be careful."

Oil prices are also receiving some support from media reports suggesting a drop in U.S. crude inventories.

The American Petroleum Institute will release its weekly report on U.S. crude stockpiles later in the day.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback