Oil Prices Rise on Uncertainty Over OPEC+ Cuts and Middle East Tensions

LONDON—Oil prices jumped by nearly 1 percent on Tuesday, lifted by uncertainty over voluntary output cuts by the OPEC+ group of producers, tensions in the Middle East, and some encouraging economic signals in Europe.

Brent crude futures rose 63 cents, or 0.8 percent, to $78.66 a barrel by 0946 GMT. U.S. West Texas Intermediate crude futures were up 66 cents, or 0.9 percent, at $73.19.

Comments by Saudi Arabia's energy minister that OPEC+ production cuts could continue past the first quarter of 2024 lent some price support, said OANDA analyst Kelvin Wong.

Oil prices had declined on Monday on doubts that OPEC+ supply cuts would have a significant impact, said CMC Markets analyst Tina Teng.

On Tuesday, however, the Kremlin said that the cuts agreed by the OPEC+ group will take time to kick in.

 Read Full Article Here

 

Follow us

Read our latest news on any of these social networks!

Get latest news delivered daily!

We will send you breaking news right to your inbox


Have a tip? Let us know!

Recent Articles

  • by:
  • Source: AP News
  • 03/14/2025
...
Trump administration asks Supreme Court to partly allow birthright citizenship restrictions

The Trump administration is asking the Supreme Court to allow restrictions on birthright citizenship to partly take effect while legal fights play out.

  • by:
  • Source: Fox News
  • 03/14/2025
...
Chuck Schumer will vote to keep government open: 'For Donald Trump, a shutdown would be a gift'

Senate Minority Leader Chuck Schumer, D-N.Y., says he will vote to keep the government open, warning that a shutdown has worse consequences for Americans and would only empower President Donald Trump and Elon Musk further.

...
More than 2,000 laid off at Johns Hopkins University amid Trump budget cuts

Johns Hopkins University announced Thursday it's laying off over 2,000 employees amid budget cuts made by the Trump administration.

...
ICE: US Immigration Detention Maxed at 47.6K Detainees

U.S. immigration detention is filled to capacity at 47,600 detainees, a senior U.S. Immigration and Customs Enforcement official said on a call with reporters on Wednesday, adding that the Trump administration was seeking more bed space.