Oil edges above $62 as OPEC cuts counter growth con­cerns

The Guardian (Charlottetown) - - BUSINESS -

LONDON (Reuters) — Oil rose fur­ther above $62 a bar­rel on Tues­day as firmer equities and ex­pec­ta­tions OPEC and its al­lies will keep with­hold­ing sup­ply coun­tered con­cern about slow­ing economies and de­mand. Rus­sia said on Mon­day it might sup­port an ex­ten­sion of OPEC-led sup­ply cuts that have been in place since Jan­uary, while equities rose after China eased fi­nanc­ing rules to stem an eco­nomic down­turn, giv­ing oil a lift. Brent crude, the global bench­mark, rose 33 cents to $62.62 a bar­rel at 1313 GMT. U.S. West Texas In­ter­me­di­ate was up 45 cents at $53.71.

“Prices are find­ing sup­port from the prospect of OPEC oil pro­duc­tion re­main­ing re­stricted be­yond mid-year,” said Carsten Fritsch, an an­a­lyst at Com­merzbank. Still, the price of Brent is down al­most 20% from its 2019 peak above $75 a bar­rel in April, pres­sured by an eco­nomic down­turn that has started to im­pact oil de­mand.

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