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Oil rises amid expectations OPEC will cut production

The Address | Benghazi – Libya

SINGAPORE – Oil prices rose on Monday amid expectations that Saudi Arabia, the world’s biggest oil exporter, would pressure OPEC to cut supplies by the end of the year.

Global Brent crude hit $ 67.21 a barrel, up 45 cents, or 0.7 percent from the previous close.

US WTI futures rose 58 cents, or 1 percent, to $ 57.04 a barrel.

OPEC, led by Saudi Arabia, its biggest producer, and its allies are seeking to cut supply by between 1 million and 1.4 million bpd to cope with slowing demand growth and preventing a supply oversupply in the market.

Despite gains today, oil prices remain about 25 percent below the high levels recorded in early October as supply surged and demand growth slowed.

Source: Reuters

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