Oil prices rise as Saudi Arabia remains in favour of production cuts

Oil prices have risen in today’s early trading following Saudi Arabia announcing it would advice OPEC to maintain production cuts.

Brent crude climbed 1.4% to $73.19 a barrel after Saudi Arabia’s energy minister said inventories should take a cut in production and that the kingdom would prefer OPEC to hold on output cuts in the second half of the year.

Meanwhile US marker West Texas Intermediate was up 1.3% at $63.59 per barrel.



Source: Smart Trend Team

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