Oil prices rose up


4/12/2019 11:56:00
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Oil gained on Wednesday ahead of meetings this week where OPEC and its allies are expected to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell more than expected helped to lift prices.

 

Brent crude LCOc1 futures were up 44 cents, or 0.7%, at $61.26 a barrel by 0706 GMT.

 

U.S. West Texas Intermediate (WTI) crude CLc1 futures were up by 38 cents, or 0.7%, at $56.48.

 

Prices are likely to fall next year as oil supplies keep rising, outweighing any pick up in growth, Fitch Solutions said. It predicted Brent crude will drop to an average of $62 a barrels in 2020 and $58 in 2021, from a $64 average this year.

 

 

PUKmedia \ Reuters

 


 

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