Oil rises to $73 on report of 2019 output cut talks | Eurasia Diary - ednews.net

24 April, Wednesday

Oil rises to $73 on report of 2019 output cut talks

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Oil rebounded toward $73 a barrel on Wednesday after falling to its lowest since August, supported by a report that Russia and Saudi Arabia are discussing oil output cuts in 2019.

Crude rebounded from an earlier loss after Russia’s TASS news agency, citing an unnamed source, reported that the two countries have started bilateral discussions over possible 2019 oil production cuts. “I think this is a little bit of verbal intervention, trying to get some speculative length back into the market,” said analyst Olivier Jakob of Petromatrix, referring to the talk of possible supply curbs.

Brent crude LCOc1, the global benchmark, rose $1.18 to $73.31 a barrel by 1017 GMT. The contract hit $71.18 on Tuesday, its lowest since Aug. 16.

U.S. crude CLc1 rose 28 cents to $62.49.


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