Markets > Commodities

Oil prices climb amid output cuts optimism

Xinhua News,NEW YORK
2020-06-16 04:40

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NEW YORK, June 15 (Xinhua) -- Oil prices reversed earlier losses to end higher on Monday as investors were optimistic about output curbs by major crude producers.

The West Texas Intermediate for July delivery gained 86 cents to settle at 37.12 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery rose 99 cents to close at 39.72 dollars a barrel on the London ICE Futures Exchange.

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

The energy minister of the United Arab Emirates said on Monday he was confident OPEC+ countries with poor compliance to agreed cuts would meet their commitments and said there were signs that oil demand was picking up as some nations eased lockdowns, according to Reuters.

"It seems that the market has recently been 'deaf in one ear,' choosing to focus only on price-supportive news such as OPEC's good production discipline and declining oil production elsewhere," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.
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