Economic news

Oil driven up by Saudi Arabia’s decision to limit production

Prices of oil climbed today following an OPEC statement saying that Saudi Arabia had indeed reduced output looking to prevent threatening glut, however expectations of economic growth pull-back limited the rise.

Photo: Reuters

Brent futures for next month showed 25-cents uptick, reaching $72.85 for a barrel, compared to last end of session. U.S. WTI futures recorded the same increase to $67.45 per barrel.

Saudi Arabia reported to OPEC last month it had contracted oil extraction by 200,000 barrels, leaving 10.288 mln barrels per day.

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