Oil Producers to Decide in June on Extending Cuts

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On Monday major oil producers led by Saudi Arabia agreed to keep working together to prop up crude prices, but said they would decide only in June on whether to extend production cuts. Meeting in Azerbaijan’s capital Baku, members of the OPEC+ alliance said they would continue coordinating efforts to “stabilise” the oil market through production cutbacks.

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US Oil Prices Edge Up on Tightening Global Supply

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On Tuesday US oil prices inched, buoyed by expectations of tightening global supply amid U.S. sanctions on Venezuela and production cuts led by OPEC. U.S. West Texas Intermediate (WTI) crude futures were at $54.73 per barrel at 0020 GMT, up 16 cents from their last settlement. They closed down 1.3% on Monday, after earlier touching their highest since Nov. 21 at $55.75 a barrel.

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Oil Prices Rise 1% Amid Supply Cuts

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On Tuesday the oil prices rose by around 1% amid supply cuts led by producer club Russia and OPEC, although a darkening economic outlook may soon weigh on growth in fuel demand. International Brent crude oil futures were at $59.62 per barrel at 0740 GMT, up 63 cents, or 1.1%, from their last close. US West Texas Intermediate (WTI) crude futures were at $51.14 per barrel, up 63 cents, or 1.3%.

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