OPEC and allied oil producers to continue limiting supplies - RTRS

Oil jumped 1% in Asia following OPEC supply news.
U.S. West Texas Intermediate (WTI) crude futures were at $63.39 per barrel, up 63 cents, or 1%, from their previous settlement.

Ross J Burland FXStreet

Saudi Energy Minister Khalid al-Falih indicated there was a consensus among OPEC and allied oil producers to continue limiting supplies, Reuters reported.

Falih said on Sunday there was a consensus among Organization of the Petroleum Exporting Countries and other non-OPEC producers to drive down crude inventories “gently”, but his country would remain responsive to the needs of what he called a fragile market.

“This second half, our preference is to maintain production management to keep inventories on their way declining gradually, softly but certainly declining towards normal levels,” he told a news conference after a ministerial panel meeting.

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Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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