ZCZC
BCN-19
US-ENERGY-OIL-PRICE
Oil prices increase as oversupply worries ease
NEW YORK, Dec. 11, 2019 (BSS/Xinhua) – Oil prices increased on Tuesday as
investors are optimistic that global crude market will see more balanced
supply and demand.
Last week, the Organization of the Petroleum Exporting Countries (OPEC) and
other major oil exporters agreed to steepen production cuts by an additional
500,000 barrels a day, bringing the total cuts to 1.7 million barrels daily,
This additional adjustment would be effective as of Jan. 1, 2020 and is
subject to full conformity by every participating country, according to a
statement released by OPEC on Friday.
The announcement eased investors’ lingering concerns about oversupply in
the market.
The West Texas Intermediate (WTI) for January delivery increased 0.22 U.S.
dollar to settle at 59.24 dollars a barrel on the New York Mercantile
Exchange. Brent crude for February delivery added 0.09 dollar to close at
64.34 dollars a barrel on the London ICE Futures Exchange.
BSS/XINHUA/HR/1455