Markets > Commodities

Oil prices grow on OPEC+ production cut expectation

Xinhua News,NEW YORK
2020-02-14 05:00

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NEW YORK, Feb. 13 (Xinhua) -- Oil prices rose on Thursday, as investors expect the Organization of Petroleum Exporting Countries and allies, known as OPEC+, would further cut their productions in response to fewer demand growth in 2020.

The West Texas Intermediate (WTI) for March delivery settled 0.25 U.S. dollar higher at 51.42 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose 0.55 dollar to close at 56.34 dollars a barrel on the London ICE Futures Exchange.

OPEC released its monthly report on Wednesday, saying its expectation for crude demand growth in 2020 would be 990,000 barrels per day, down 230,000 barrels per day from its previous forecast.

The cut fueled investors' optimism on potential further output reduction by OPEC+ at their next meeting.
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