empty
 
 

2019.02.1206:25:00UTC+00Oil Prices Climb Over 1 Percent On Tightening Supply

Oil prices rose over 1 percent on Tuesday, with sentiment supported by OPEC-led production cuts and the U.S. sanctions against Iran and Venezuela.

Global benchmark Brent crude jumped 1.56 percent to $62.47 a barrel while U.S. West Texas Intermediate (WTI) crude oil futures were up 1.45 percent at $53.17 a barrel.

Oil markets are tightening in view of voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia.

Saudi Arabia, the world's top exporter and de facto leader of OPEC, said today that it would reduce oil production to nearly 9.8 million barrels per day (bpd) in March, about half a million bpd more than it originally pledged.

Prices also remain supported by the U.S. sanctions against Venezuela and Iran and the continuing closure of parts of the Keystone pipeline that brings Canadian oil into the United States.

Meanwhile, speaking on the sidelines of an energy forum in Cairo, OPEC Secretary-General Mohammad Barkindo said the exporting group was not in the business of fixing oil prices and it would be a misjudgment to accuse the cartel of such.

  • 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