Caspian Energy Journal Caspian European Club
Wednesday, 13 February 2019 11:00

Oil rises 1% on deepening OPEC supply cuts

Oil rises 1% on deepening OPEC supply cuts

Oil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports, Caspian Energy News ( reports with reference to Reuters.

U.S. West Texas Intermediate (WTI) crude oil futures were at $53.70 per barrel, up 60 cents, or 1.1 percent, from their last close.

International Brent crude futures were up 1.1 percent, or 69 cents, at $63.11 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC), which Saudi Arabia de-facto leads as the world’s top crude oil exporter, said on Tuesday that it had cut its output by almost 800,000 bpd in January to 30.81 million bpd.

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Person in charge of the newsline: Olga Nagiyeva 

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