Oil rises over 1% on OPEC-led supply cuts

12/12/2018 Argaam

 

Oil prices jumped by more than one percent on Wednesday, lifted by expectations that an OPEC-led supply cut announced last week for 2019 would stabilize markets.

 

International benchmark Brent crude futures were trading up at 72 cents, or 1.2 percent, at $60.85 per barrel early morning, while the US West Texas Intermediate (WTI) crude futures rose 65 cents, or 1.3 percent, at $52.30 a barrel.

 

The price support came amid a broader increase in Asian stock markets after US President Donald Trump told Reuters that trade talks with China were taking place to defuse the trade disputes between the world’s two biggest economies.

 

Last Friday, OPEC and its non-OPEC allies reached a deal to cut oil production by 1.2 million barrels per day for the first six months of 2019 in order to boost the market.

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