Oil rises 1% on supply cuts, but economic slowdown weighs on outlook
Prices rebounded on Tuesday, but Brent crude oil futures remained below $60 a barrel
Singapore — Oil prices rose 1% on Tuesday amid supply cuts led by producer club Opec and Russia, although a darkening economic outlook capped gains. International Brent crude oil futures were at $59.64 a barrel at 2.57am GMT, up 65c, or 1.1%, from their last close.
US West Texas Intermediate (WTI) crude futures were at $51.09 a barrel, up 58c, or 1.2%. “The impact of Opec+ (Opec and others including Russia) cuts, Iran sanctions and lower month-on-month growth in US production should help to support oil prices from current levels,” US bank JP Morgan said in a note. The Middle East-dominated producer club of Opec and some non-Opec allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut. Meanwhile, the US last November re-imposed sanctions against Iran’s oil exports. Although Washington granted sanctions waivers to Iran’s biggest oil customers, mostly in Asia, the Middle Eastern country’s exports have plummeted since. “Iranian exports have already fal...
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