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Brent crude oil rises back to $60 per barrel

AFP  |  London 

crude climbed back to USD 60 per barrel on Wednesday, with cutting output and on easing concerns over weak demand growth.

Around 0940 GMT, Brent crude for delivery in March hit $60 for the first time in 3.5 weeks and was up 20 percent compared with two weeks ago, prior to an cut by the Organization of the Petroleum Exporting Countries and non-cartel producers from January 1.

After reaching $60.05, Brent cooled slightly to $59.79, up $1.07 from Tuesday's close.

Brent and the world's other key contract, WTI, slumped late last year, hitting 18-month low points at $49.93 and $42.36 per barrel respectively.

WTI for February delivery was up $1.23 Wednesday to $51.01 per barrel.

-- a cartel of countries that has long manipulated output of the commodity, to influence global prices in members' favour - and non-members, notably Russia, in December agreed to trim production by 1.2 million barrels a day from the start of this year to shore up sagging prices.

OPEC and its partners, which together account for around half of global output, have presided over a glut in the market which had led to tumbling by more than 30 per cent between October and December.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 09 2019. 16:25 IST
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