Oil buoyant as Opec-led production cuts show results
Reports that Washington is mulling lifting some or all tariffs on Chinese imports has lifted markets, including oil
Sydney/Singapore — Oil prices rose on Friday after a report from Opec showed its production fell sharply in December, easing fears about prolonged oversupply. A report by The Wall Street Journal on Thursday saying that Washington was considering lifting some or all tariffs imposed on Chinese imports also buoyed financial markets, including oil, analysts said. US West Texas Intermediate (WTI) crude futures were at $52.62 a barrel at 3.39am GMT, up 55c, or 1.1%, from their last settlement. International Brent crude oil futures were up 54c, or 0.9%, at $61.72 a barrel. Opec, along with some other producers including Russia, cut oil output sharply in December before a new accord to limit supply took effect on January 1, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.
Opec said in its monthly report that its oil output fell by 751,000 barrels a day in December to 31.58-million bpd, the biggest mon...
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