Singapore: On Monday, Oil prices rose buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth. International Brent futures were at $65.25 a barrel at 0713 GMT, up 18 cents, or 0.3 percent, from their last close. However, US West Texas Intermediate (WTI) crude futures were at $55.94 per barrel, up 14 cents, or 0.3 per cent. The rally followed reports that the United States and China are close to ending their year-long trade dispute.
also read Petrol and diesel prices change drastically..check today’s rates here
It is worth mention here that the two countries appear close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on U.S. goods, a source briefed on negotiations said on Sunday in Washington. Hopes of an end to the trade spat between the two world's biggest economies added support to a market that has been rallying for the past two months on cuts to production.
also read BSE and NSE are shut for trade on account of Mahashivratri
Energy analysts at Fitch Solutions in a note on Monday, adding they expected Brent to average $73 per barrel in 2019 said "OPEC exports are off by over 1.5 million barrels per day (bpd) since November," Barclays bank said in a note released on Sunday. "The supply picture looks generally tighter this year,". Oil prices have been further pushed up by US sanctions against OPEC-members Iran and Venezuela, which Barclays bank estimates to have resulted in a reduction of around 2 million bpd in global crude supply.