Crude oil rises above $32 on hopes of output cut deal
OPEC, allies working on production cut equivalent to 10% of global supplyLONDON: Benchmark Brent crude oil futures rose to as high as $33.37 a barrel on Friday on rising hopes of a new global deal to cut crude supply. Brent crude futures were up 8.9%, or $2.67, at $32.61 a barrel by 1134 GMT. US West Texas Intermediate (WTI) crude also returned to positive territory, rising 4.4%, or $1.11, to $26.43 after advancing 24.7% on Thursday. Trump said he did not make any concessions to Saudi Arabia and Russia, such as agreeing to a US production cut – a move forbidden by US antitrust legislation. Russia and Saudi Arabia both belong to the grouping of members of OPEC and its allies, but the United States does not.
Source: The Express Tribune April 03, 2020 14:15 UTC
