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Admin Reporter- Pooja

Aug 13 2019


Oil rises on talk of more OPEC cuts, demand concerns linger

Tuesday, 13 August 2019

Oil prices edged higher on August 13 as expectations for major producers to further curtail output offset lingering concerns over global demand and rising US production.Brent crude futures were up 8 cents, or 0.14%, from the previous settlement at $58.65 a barrel at 1032 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in April.

 

 

 

US West Texas Intermediate (WTI) futures were at $55.02 per barrel, up 9 cents, or 0.1%.Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries, said last week it planned to keep its crude exports below 7 million barrels a day in August and September to help drain global oil inventories.

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