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Oil prices rise

Category: Economy

Date: 2019-12-02T12:14:15+0000
Oil prices rise

Shafaq News/ Oil prices rose more than 1 percent on Monday, as an increase in China manufacturing activity which led in rising fuel demand.

Suggestions that OPEC may raise output cuts also contributed to its meeting this week, suggesting supply may be tight next year.

Brent crude futures were up 66 cents, or 1.1 percent, at $ 61.15 a barrel by 07:27 GMT.

US West Texas Intermediate (WTI) crude futures were up 75 cents, or 1.4 percent, at $ 55.92 a barrel, after raising more than a dollar earlier.

On Friday, West Texas crude futures fell 5.1 percent, while Brent tumbled 4.4 percent, on fears that talks to end the trade war between the United States and China, the world's biggest oil consumer, would be stalled by U.S. support for Hong Kong protesters.

But oil rose today after factory activity increased in November in China, the world's largest oil importer, for the first time in seven months due to rising domestic demand under stimulus measures by the government.

Prices were also supported after Iraq's oil minister said on Sunday that OPEC and its producer allies would consider raising their current production cuts by 400,000 bpd to 1.6 million bpd.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, the group known as OPEC +, are expected to extend at least existing cuts until June 2020 when they meet this week.

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