Tuesday, 12 Nov 2019

Oil price jumps with Russia’s support for a cut production decision

BAGHDAD, Oil prices have rebounded, having earlier hit their lowest level since October 2017.

Brent crude was up 1.24% at $ 59.49 a barrel, while US WTI rose to $ 51.13 a barrel, up 1.67%.

The rise came after Russia became increasingly convinced of the need to cut production with OPEC.

Oil markets are eyeing the Vienna meeting, with most observers predicting that the meeting will result in a cut in production to keep supply from oversupply.

Source: National Iraqi News Agency

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