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[size=36]Oil prices rise as OPEC hints for deeper production cuts[/size]
Economy | 12:43 - 16/10/2019
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LONDON (Reuters) - Oil prices rose on Wednesday, tracking gains in stocks as investors pinned hopes on a possible deal between Britain and the European Union on its exit from the bloc, as well as signs from OPEC and its allies that further output cuts may be possible.
But gains were limited by persistent fears of a global economic slowdown.
By 0621 GMT, Brent crude futures were up 25 cents at $ 58.99 a barrel, up nearly 0.4 percent from the previous day's close. US West Texas Intermediate (WTI) crude was up 23 cents, or 0.4 percent, at $ 53.04 a barrel.
“Oil is starting to see bets on the rally, added to two major risks to global demand, the US-China trade war and Britain's exit from the European Union,” said Edward Moya, senior market analyst at Oanda in New York.
“While a broader trade agreement seems unlikely in the near future, the risks of the US-China trade war are ebbing.”
Further support, OPEC Secretary General Mohammad Barkindo said the Organization of Petroleum Exporting Countries (OPEC) will “do what it can” with allied producers to stabilize the oil market beyond 2020.
Prices have been under pressure from fears of a global economic slowdown due to the prolonged US-led trade war. China as well as a substantial increase in US inventories.
The International Monetary Fund warned on Tuesday that the US-China trade war would cut global growth in 2019 to the lowest pace since the 2008 financial crisis.
But gains were limited by persistent fears of a global economic slowdown.
By 0621 GMT, Brent crude futures were up 25 cents at $ 58.99 a barrel, up nearly 0.4 percent from the previous day's close. US West Texas Intermediate (WTI) crude was up 23 cents, or 0.4 percent, at $ 53.04 a barrel.
“Oil is starting to see bets on the rally, added to two major risks to global demand, the US-China trade war and Britain's exit from the European Union,” said Edward Moya, senior market analyst at Oanda in New York.
“While a broader trade agreement seems unlikely in the near future, the risks of the US-China trade war are ebbing.”
Further support, OPEC Secretary General Mohammad Barkindo said the Organization of Petroleum Exporting Countries (OPEC) will “do what it can” with allied producers to stabilize the oil market beyond 2020.
Prices have been under pressure from fears of a global economic slowdown due to the prolonged US-led trade war. China as well as a substantial increase in US inventories.
The International Monetary Fund warned on Tuesday that the US-China trade war would cut global growth in 2019 to the lowest pace since the 2008 financial crisis.
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