Oil rises by 1% before Opec meeting, Canadian supply cuts
A commitment by Russia to co-operate with Opec has lifted sentiment, helped by a halt in the China-US trade war and Canada’s mandatory production cuts
London — Oil prices rose more than 1% on Tuesday, extending gains ahead of expected output cuts by producer cartel Opec and a mandated reduction in Canadian supply. North Sea Brent crude oil was up 75c, or 1.2%, at $62.44 a barrel by 8.45am GMT. US light crude was 65c higher at $53.60. Both benchmarks climbed around 4% on Monday after US President Donald Trump and Chinese President Xi Jinping agreed at a meeting of the Group of 20 industrialised nations (G20) to pause an escalating trade dispute. “The market seems positively oriented following the G20 developments and heading into the Opec meeting on Thursday,” BNP Paribas commodities strategist Harry Tchilinguirian told Reuters Global Oil Forum. “A commitment by Russia to co-operate with Saudi Arabia and achieve an agreement at the next Opec meeting has certainly lifted spirits,” he added. The Middle East-dominated Opec will meet on Thursday in Vienna to agree future output and will discuss strategy with other producers outside Ope...
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