Oil prices rise on rising Middle East tension, ongoing OPEC supply cut


Oil prices rise on rising Middle East tension, ongoing OPEC supply cut

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated. Brent crude futures, the international benchmark for oil prices, were at $72.07 per barrel at 0033 GMT, up 10 cents, or 0.1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up by 14 cents, or 0.2 percent, at $63.24 per barrel. “Oil prices opened higher, after OPEC held onto its production cut deal,” said ANZ on Tuesday.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-member producers have been withholding production since the start of the year to prop up the market. Read More

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