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Oil rises on expectations of further OPEC production cuts
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Oil prices rose on Friday as it received some support from expectations of further OPEC production cuts, although concerns about the long-running trade dispute between the United States and China are holding back gains.
Brent crude futures were at $ 57.54 a barrel by 0646 GMT, up 16 cents, or 0.3 percent, from the previous settlement price.
U.S. West Texas Intermediate (WTI) crude futures were at $ 52.68 a barrel, up 14 cents, or 0.3 percent, from the previous close.
Brent and WTI crude futures rose more than 2 percent on Thursday on reports that Saudi Arabia, the world's biggest oil exporter, had invited other producers to consider a recent drop in crude prices.
Oil prices are still down more than 20 percent from their peaks in April.
Global financial markets have been shaken over the past week after US President Donald Trump said he would impose a 10 percent tariff on more Chinese goods from September as the yuan's decline fueled concerns about a currency war.
Bloomberg said Washington was delaying a decision on licenses for US companies to resume work with Huawei Technologies.
Meanwhile, a Saudi oil official said Saudi Arabia, OPEC's biggest crude producer, plans to keep its crude exports at less than 7 million barrels per day (bpd) in August and September to rebalance the market and contribute to shrinking inventories. World Oil.
UAE Energy Minister Suhail Al Mazrouei also said the UAE would continue to support measures to balance the oil market.
He said the joint ministerial monitoring committee of OPEC and non-OPEC producers would meet in Abu Dhabi on September 12 to review the situation in the oil market.
http://economy-news.net/content.php?id=17462
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