Oil rises further above $67 as OPEC cuts counter economic concern | Reuters:
Oil rose further above $67 a barrel on Tuesday as OPEC supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to an economic slowdown.
The price of global benchmark Brent crude has risen about 25 percent in 2019, supported by supply curbs by the Organization of the Petroleum Exporting Countries plus allies, and involuntary losses due to U.S. sanctions on Iran and Venezuela.
Brent was up 50 cents at $67.71 a barrel at 1003 GMT, not far from its 2019 high of $68.69 reached on March 21. U.S. crude added 72 cents at $59.54.
No comments:
Post a Comment