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.
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Oil Prices Rise on Uncertainty Over OPEC+ Cuts and Middle East Tensions
- by: Reuters
- 12.05.23
- Source:
The Epoch Times
- 12/05/2023
Gas pump nozzle in the fuel tank of a white car, refuel by engin akyurt is licensed under Unsplash unsplash.com
Gas pump nozzle in the fuel tank of a white car, refuel by engin akyurt is licensed under Unsplash unsplash.com
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