empty
 
 

2019.02.1505:36:00UTC+00Oil Prices Hit 2019 Highs Amid Supply Cuts

Oil prices extended recent gains on Friday, with Brent crude futures briefly hitting 2019 highs above $65 per barrel, helped by OPEC-led supply cuts and the announcement of an even deeper cut by Saudi Arabia.

Global benchmark Brent crude rose 0.3 percent to $64.76 per barrel, while U.S. West Texas Intermediate crude futures were up 0.1 percent at $54.46 per barrel.

OPEC cut nearly 800,000 barrels of output per day in January, just short of its goal of cutting 812,000 bpd, in a bid to tighten the oil market.

Top exporter and de facto OPEC leader Saudi Arabia said earlier this week that it plans to produce around 9.8 million barrels per day of oil in March, over half a million bpd below its pledged production level.

Oil prices also remained supported by the partial closure of Safaniya offshore oil fields in Saudi Arabia and optimism over U.S.-China trade negotiations.

  • 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 $9000 more!
    In May we raffle $9000 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