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Oil at Highest Levels in Six Weeks

Oil at Highest Levels in Six WeeksOil at Highest Levels in Six Weeks

Oil futures rose slightly on Tuesday to their highest levels in almost six weeks on optimism that OPEC and other producing countries may agree to extend output cuts to support prices.
Brent was up 7 cents at $62.66 a barrel, while US West Texas Intermediate futures were up 15 cents, or 0.6%, at $58.17 a barrel, Reuters reported.
Brent earlier hit its highest level since August 1, while US crude rose to its highest since July 31.
Prince Abdulaziz bin Salman, Saudi Arabia’s new energy minister and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries, said the kingdom’s policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained.
He added that the so-called OPEC+ alliance, made up of OPEC and non-OPEC producers including Russia, would be in place for the long term.
There have been concerns about producers’ adherence to the agreement as OPEC members Iraq and Nigeria, among others, exceeded their quota in August and Russia also did not fully comply.
Executives at the annual Asia Pacific Petroleum Conference said Monday they expect oil prices this year to be pressured by uncertainties surrounding the global economy, the US-China trade war and increasing US supplies.

 

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