Oil prices rise with the extension of the supply reduction agreement[/rtl]
[rtl]Release date: 2018/3/29 13:56 • 61 times read[/rtl]
The price of oil rose on Thursday, with the Organization of the Petroleum Exporting Countries (OPEC) and independent producers expected to extend the production cut-off agreement for the rest of the year and possibly 2019 as well.
US WTI crude futures for March 29, 2018 rose 25 cents, or 0.4 percent, from the last settlement to $ 64.63 a barrel.
Brent crude futures were up 23 cents, or 0.3 percent, at $ 69.76 a barrel.
Opec and independent producers, led by Russia, have started cutting production since 2017 in an attempt to get rid of oversupply and market support.
Brent crude has since risen by a quarter, leading to speculation that production restrictions may be lifted.
But OPEC sources said this week that the cartel and its allies were in the process of extending the production cut-off agreement for the rest of 2018.
Nevertheless, Brent remained below $ 70 a barrel, while West Texas crude remained below $ 65 a barrel due to pressure to increase crude stocks and production in the United States.