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[size=36]Oil rises after OPEC meeting[/size]
Economy | 09:18 - 20/05/2019
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tend to rise in oil prices in Asia on Monday, due to tension in the Middle East and Saudi Arabia confirmed its commitment to a reduction in global stocks of oil.
At about 03:45 GMT, the price of light sweet crude for the June delivery rose 90 cents to $ 66.63 a barrel in electronic exchanges in Asia.
Brent North Sea oil, the European delivery for July, rose $ 1.06 to $ 73.27.
Brent crude was down 41 cents from Thursday's close, and in New York, light sweet crude fell 11 cents.
A number of ministers from the Organization of Petroleum Exporting Countries (OPEC) and its partners met in Jeddah over the weekend to discuss a reduction of production.
Saudi Arabia and the United Arab Emirates have expressed concern over rising global oil inventories, and oil exporters have confirmed their determination to ensure market stability despite strained Gulf conditions.
"There is consensus to stay on course to reduce oil stocks," Saudi Energy Minister Khalid al-Faleh said, and continue to work to strike a balance between supply and demand.
UAE Energy Minister Suhail Al Mazrouei said: "I do not think reducing the cuts is a correct step. We have noticed that inventories are increasing despite the decline of Venezuelan and Iranian oil exports."
"The apparent unity of OPEC in Jeddah and the escalation of tensions in the Middle East make Brent crude and light oil in strong positions," said Oanda Financial Consulting Group.
tend to rise in oil prices in Asia on Monday, due to tension in the Middle East and Saudi Arabia confirmed its commitment to a reduction in global stocks of oil.
At about 03:45 GMT, the price of light sweet crude for the June delivery rose 90 cents to $ 66.63 a barrel in electronic exchanges in Asia.
Brent North Sea oil, the European delivery for July, rose $ 1.06 to $ 73.27.
Brent crude was down 41 cents from Thursday's close, and in New York, light sweet crude fell 11 cents.
A number of ministers from the Organization of Petroleum Exporting Countries (OPEC) and its partners met in Jeddah over the weekend to discuss a reduction of production.
Saudi Arabia and the United Arab Emirates have expressed concern over rising global oil inventories, and oil exporters have confirmed their determination to ensure market stability despite strained Gulf conditions.
"There is consensus to stay on course to reduce oil stocks," Saudi Energy Minister Khalid al-Faleh said, and continue to work to strike a balance between supply and demand.
UAE Energy Minister Suhail Al Mazrouei said: "I do not think reducing the cuts is a correct step. We have noticed that inventories are increasing despite the decline of Venezuelan and Iranian oil exports."
"The apparent unity of OPEC in Jeddah and the escalation of tensions in the Middle East make Brent crude and light oil in strong positions," said Oanda Financial Consulting Group.
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