Reuters: Oil rises as Saudi sees producers sticking with ongoing supply cuts

09:00, 10 June 2019
Economy
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REUTERS

Despite Monday's increases, traders said concerns about the health of the global economy and its impact on fuel demand still weighed on oil market sentiment, Reuters said.

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Front-month Brent crude futures, the international benchmark for oil prices, were at $63.61 at 0411 GMT, 32 cents, or 0.5%, above Friday's close.

U.S. West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6%.

Traders said crude prices were rising because of statements by OPEC's biggest producer Saudi Arabia on Friday saying that the group was close to agreeing extending supply cuts.

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