Oil rises to $73 on report of Russia, Saudi output cut talks
Wednesday, 7 November 2018 19:53 WIB | ENERGY |Minyak WTICadangan Minyak Mentah ASMinyak Brent

Oil rebounded to $73 a barrel on Wednesday after falling to its lowest since August, supported by a report that Russia and Saudi Arabia are discussing oil output cuts in 2019.

Russia's TASS news agency, citing an unnamed source, reported that the two countries, the biggest producers in an OPEC-led alliance that has been limiting supply since 2017, have started bilateral talks on the issue.

Brent crude, the global benchmark, rose $1.04 to $73.17 a barrel by 10.57 GMT. The contract hit $71.18 on Tuesday, its lowest since Aug. 16. U.S. crude rose 68 cents to $62.89.

Reuters

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