You are here: Home » Markets » Commodities » Energy
Business Standard

Oil rises on expected Opec supply cuts, but record US production drags

Opec's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day

Reuters  |  Singapore 

Oil prices rose on Friday amid expectations of supply cuts from Opec, although record US production dragged. US West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel at 0353 GMT, up 38 cents, or 0.7 per cent, from their last settlement. Brent crude oil futures were up 48 cents, or 0.7 per cent, at $67.10 per barrel. Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (Opec) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Fri, November 16 2018. 09:43 IST