Oil rises on supply cuts, but weak economy holds market back

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Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia ...

SINGAPORE - Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should restrict supplies to current levels, while Washington’s withdrawal of a tariff threat against Mexico removed a cloud over the global economy.

Traders said crude prices were rising following statements by OPEC’s biggest producer Saudi Arabia on Friday that the group was close to agreeing extending supply cuts. Stephen Innes, managing partner at Vanguard Markets, said stronger stock markets also supported oil futures. But analysts said there were still concerns about the health of the global economy, with the United States and China locked in a trade war.

 

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Oil raising bases on a bunch of old dudes in a boardroom (with some quality oak furniture) saying so, afterwards eating digestibles and tea and discussing The Hampton’s.

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