Ways2Capital : Oil Prices Inch Up As OPEC’s Production Cut May Extend

Oil prices in Tuesday’s session soared up, as there is heavy speculation in the market that OPEC-led production cut may extend, while sturdy demand may erode a global fuel supply overhang. Prices for front month Brent Crude futures were at $51.86 per barrel, up by 0.5%.WTI Crude futures were up 0.3% or 13 cents at $48.35 a barrel.

OPEC together with Russia & other oil exporting countries has announced that it will be cutting its output by 1.8 million barrels per day between January & June, in order to raise oil prices.

So far the cutback has not had the desired effect, as the US has stepped up to bridge the gap, which resulted in decline of oil prices by more than 10% in the initial month of the year.
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