Markets > Commodities

Oil prices rise as output cuts in focus

Xinhua News,NEW YORK
2020-06-10 04:38

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NEW YORK, June 9 (Xinhua) -- Oil prices rose modestly on Tuesday as market participants digested major crude producers' latest pact on supply curbs.

The West Texas Intermediate (WTI) for July delivery climbed 75 cents to settle at 38.94 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery advanced 38 cents to close at 41.18 dollars a barrel on the London ICE Futures Exchange.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, agreed on Saturday to extend the historic 9.7 million barrels per day production cut till the end of July.

Saudi Arabia, a key member of OPEC, said on Monday it would not continue its voluntary output cuts on top of the OPEC+ agreement after June.

In May, Saudi Arabia, Kuwait and the United Arab Emirates had agreed that they would slash production by an additional 1.18 million barrels per day in June.
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