Oil prices rise on expectations of more OPEC output cuts
Friday, 9 August 2019 08:16 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil prices rose on Friday, supported by expectations of more production cuts by OPEC amid fears the U.S.-China trade row could lead to a global slowdown, curbing demand for crude.

International benchmark Brent crude futures, were at $57.61 a barrel by 00:09 GMT, up 23 cents, or 0.4%, from their previous settlement.

U.S. West Texas Intermediate (WTI) futures were at $52.79 per barrel, up 25 cents, or 0.5%, from their last close.

Both contracts jumped more than 2% on Thursday to recover from January lows, buoyed by reports that Saudi Arabia, the world's biggest oil exporter, had called other producers to discuss the recent slide in crude prices.

Oil prices have still lost more than 20% from their peaks reached in April, putting them in bear territory.

Saudi Arabia, de facto leader of the Organization of Petroleum Exporting Countries (OPEC), planned to maintain its crude oil exports below 7 million barrels per day in August and September to bring the market back to balance and help absorb global oil inventories, a Saudi oil official said on Wednesday.

Source : Reuters

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