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Oil prices rise over potential extension in OPEC-led supply cuts
Jan. 29, 2020
Source: Reuters

Oil prices rise over potential extension in OPEC-led supply cuts

Oil prices rose in the international market on Wednesday, pushed up by possibilities of OPEC extending the oil cuts if coronavirus spread hurts demand, and fall in the U.S. stockpiles. Brent crude climbed 0.6%, to $59.84 a barrel. WTI crude futures rose 0.6%, to $53.79 a barrel. Sources familiar with the discussions at OPEC said that the cartel is considering to extend oil production cuts until at least June.

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