Oil rises on ongoing OPEC-led supply cuts, fall in US rig count | World News, The Indian Express

Oil rises on ongoing OPEC-led supply cuts, fall in US rig count | World News, The Indian Express

By Reuters |Singapore |Published: March 11, 2019 10:52:56 am

Oil rises on ongoing OPEC-led supply cuts, fall in US rig count

Despite the gains, markets were somewhat held back after US employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy.

Oil markets have generally been supported this year by ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated allies like Russia – known as the OPEC+ alliance. (Representational Image)

Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall US drilling activity.

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US West Texas Intermediate (WTI) crude oil futures were at $56.39 per barrel at 0323 GMT GMT, up 32 cents, or 0.6 percent from their last close.

Brent crude futures were at $65.04 per barrel, up 30 cents, or 0.5 percent.

Despite the gains, markets were somewhat held back after US employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy.