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Tuesday 20th March 2018

Oil Rises after Opec Says it will Keep Production Cuts


7Dnews London

Mon, 20 May 2019 14:41 GMT

Oil rose to a two-week high on Monday, May 20th after OPEC made it clear it would probably keep production cuts that helped boost prices this year as tensions in the Middle East continued to rise, Reuters has reported.

By 06:04 GMT, Brent crude was up 90 cents, or 1.3 percent, at $73.11 a barrel after earlier touching $73.40, its highest since April 26th. 

US crude was up 71 cents, or 1.1 percent, at $63.47 a barrel. US crude was $63.81 earlier, its peak since May 1st. 

On Sunday, Saudi Energy Minister Khalid al-Faleh said there was consensus within the Organisation of the Petroleum Exporting Countries (Opec) and allied oil producers to reduce crude inventories "gently" but he would remain responsive to the requirements of a "fragile market." 

President Trump threatened Tehran on Sunday, saying a war would be an "official end" for Iran. 

This comes after last week's attacks on Saudi oil assets and the launch of a missile on Sunday, aimed at the heavily fortified "Green Zone" in Baghdad, that exploded near the US Embassy. 

Middle East US & Canada