ZCZC
BCN-25
US-ENERGY-OIL-PRICE
Oil prices rise on output cut hopes
NEW YORK, Oct. 17, 2019 (BSS/Xinhua) – Oil prices rose on Wednesday as
investors’ sentiment was lifted by signs that major oil exporters may
continue to cut supply to stabilize oil prices.
The Organization of the Petroleum Exporting Countries (OPEC) and other
major oil exporters will meet in early December in Vienna to discuss output
cut deals.
OPEC Secretary-General Mohammad Barkindo said Tuesday the group would do
what it could with allied producers to sustain oil market stability beyond
2020, according to media reports.
The West Texas Intermediate (WTI) for November delivery increased 0.55 U.S.
dollar to settle at 53.36 dollars a barrel on the New York Mercantile
Exchange, while Brent crude for December delivery gained 0.68 dollar to close
at 59.42 dollars a barrel on the London ICE Futures Exchange.
BSS/XINHUA/HR/1335