Economic news

Crude regains due to more OPEC's oil production output cuts

Oil prices climb on Friday as more OPEC crude production cuts helped to support the positive move in its value, although fears over the protracted Beijing-Washington trade conflict capped daily gains.

oil prices up 090819Photo: Flickr

Brent futures benchmark with delivery in October were up by 0.12 percent from its last trading session close at $57.45 per barrel at 7.34 GMT, while U.S. WTI contracts with delivery in September added 0.17 percent, to $52.62 a barrel. 

Saudi Arabia, considered the OPEC’s leader, continues to retain its oil crude exports above 7 million barrels per day this month, with plans to extend these supplies cut also in September in order to balance the market, as the previous day it was reported about refreshed U.S. inventories boost. 

OPEC and non-OPEC members to meet on Sept. 12 to discuss the oil market situation.

One should recall, that it was agreed recently to extend OPEC’s crude supply cuts agreement until March 2020 to support oil prices.

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