Caspian Energy Journal Caspian European Club
Tuesday, 12 March 2019 17:00

Oil rises to $67

Oil rises to $67

Oil rose to around $67 a barrel on Tuesday, supported by Saudi Arabia’s plan for further voluntary supply curbs in April and a cut in oil exports from Venezuela due to a power outage, Caspian Energy News ( reports with reference to Reuters.

Saudi Arabia, seeking to drain a supply glut and support prices, plans in April to keep its oil output well below the level required of it as part of an OPEC-led supply cutting deal, a Saudi official said on Monday.

Brent crude, the global benchmark, rose by 54 cents to $67.12 a barrel. U.S. West Texas Intermediate crude added 47 cents to $57.26.

Crude rallied this year after the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, returned to supply cuts as of Jan. 1. Since then, Brent has surged 25 percent.

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Person in charge of the newsline: Olga Nagiyeva 


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