Oil Prices up Amid Anticipation of Deeper Production Cuts

Published December 4th, 2019 - 10:00 GMT
Oil Prices up Amid Anticipation of Deeper Production Cuts
OPEC+, should make deeper cuts to the current oil production level to boost crude oil prices. (Shutterstock)
Highlights
OPEC+ should make deeper cuts to raise crude prices, some experts say

Crude oil prices were up on Tuesday as investors anticipate deeper production cuts from the Organization of Petroleum Exporting Countries (OPEC) and its allies later this week. 

International benchmark Brent crude was trading at $61.03 per barrel at 0628 GMT on Tuesday for a 0.25% gain after it closed Monday at $60.88 a barrel.

American benchmark West Texas Intermediate (WTI) was trading at $56.16 a barrel at the same time for a 0.2% increase after it ended the previous session at $56.03 per barrel.

OPEC and its allies, including Russia, are to meet on Thursday and Friday in Austria's capital Vienna to discuss the glut of supply in the global oil market and low oil demand around the world.

Many experts concur that the group, dubbed as OPEC+, should make deeper cuts to the current oil production level to boost crude oil prices.


© Copyright Andolu Ajansi

You may also like