Economic news

Oil prices spike on production limitation plans

Crude surged over 1% today that could become the biggest daily rise in a month following the statement from Saudi Arabia that OPEC and other exporters see demand falling making output reduction by 1 mln barrels a day justifiable.

Photo: Reuters

Brent futures ran up to $70.98 per barrel, up 80 cents compared to last close.

U.S. WTI futures were at $60.69 for a barrel, 36 cents higher.

October volumes of crude supply require cutting by near 1 mln barrels a day in 2019, according to an analysis, so as to avert amassing of unnecessary oil, said Khalid al-Falih, Energy Minister of Saudi Arabia.

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