Monday, 20 May 2019 19:35 WIB |
Oil hit multi-week highs on Monday after OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.
Brent crude was up by 34 cents to $72.55 a barrel by 09:28 GMT, having earlier touched $73.40, the highest since April 26.
U.S. West Texas Intermediate crude was up 24 cents at $63 a barrel, after hitting a three-week high of $63.81.
United Arab Emirates Energy Minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cuts was not the right decision.
OPEC data indicates oil inventories in the developed world rose by 3.3 million barrels month-on-month in March, and were 22.8 million barrels above their five year average.
Source : Reuters