Oil Prices Extend Gains on OPEC Plans to Extend Production Cuts
Monday, 10 June 2019 13:06 WIB | COMMODITY |MinyakWTIBrent

Oil prices extended gains on Monday in Asia after jumping more than 2% in the previous trading session on reports that the Organization of the Petroleum Exporting Nations (OPEC) is planning to extend production cuts through the rest of the year.

U.S. Crude Oil WTI Futures were up 0.6% to $54.31 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures gained 0.5% to $63.62.

Saudi Energy Minister Khalid al-Falih said on Friday that OPEC was close to agreeing to extend a pact on cutting oil supplies beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal.

Falih said Saudi Arabia has cut supply by more than required by the OPEC+ deal in a bid to stop inventories building up. The kingdom was pumping 700,000 barrels per day below its 10.311 million bpd target, implying output of about 9.60 million bpd.

Source : Investing.com

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