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Oil prices rise amid expectations of OPEC supply cuts
Oil prices rose by 2% amid expectations of a reduction in supply from the Organization of the Petroleum Exporting Countries (OPEC), although affected by a record increase in US production.
Brent crude futures were $ 68.03 a barrel, up 1.41 cents, or 2.12 percent, from the previous settlement, Reuters reported.
WTI futures rose 1.32 cents, or 2.37 percent, to $ 57.80 a barrel.
Prices have received support mainly from expectations that OPEC will cut production soon, fearing that crude will fall again as in 2014 under the weight of supply.
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