Termed contracts for US crude oil rose by more than $2, and Brent oil added $1 on Tuesday, following news that the Organization of the Petroleum Exporting Countries (OPEC) will cut its global supply production. This coincides with a decline in the dollar. Moreover, it has been reported that Libya will also trim its production after rockets landed near its Zawiya refinery, according to Reuters.
Oil prices had increased earlier after OPEC general manager Abdullah Al Badri told reporters that he expects OPEC to cut its target production from 30 million barrels per day (bpd) to 29.5 bpd in its coming meeting in later November.
Brent contracts due in November rose by $1.17 to $99.05 per barrel. US crude oil also added $1.96 on settlement to $94.88 per barrel.
Oil prices had increased earlier after OPEC general manager Abdullah Al Badri told reporters that he expects OPEC to cut its target production from 30 million barrels per day (bpd) to 29.5 bpd in its coming meeting in later November.
Brent contracts due in November rose by $1.17 to $99.05 per barrel. US crude oil also added $1.96 on settlement to $94.88 per barrel.
Source:
Mubasher
