You are here: Home » Reuters » News
Business Standard

Oil up more than 2 percent on Saudi and OPEC cuts

Reuters  |  LONDON 

By Noah BrowningLONDON (Reuters) - Oil prices gained more than 2 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by U.S. sanctions against Iran and Venezuela.Brent crude futures were up $1.40, or 2.28 percent, at $62.91 a barrel by 1325 GMT. U.S. West Texas Intermediate (WTI) crude oil futures rose $1.22, or 2.33 percent, to $53.63.Markets are tightening because of voluntary production cuts, effective since Jan. 1, led by the Organization of the Petroleum Exporting Countries and allies ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Tue, February 12 2019. 19:12 IST