PT Solid Gold Berjangka | Oil Prices Climb as OPEC+ Reassures Markets, ECB Cuts Interest Rate

01:45 07 June in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Minyak Oil, PT SGB Solid Gold Berjangka SG Berjangka Solid Group

Solid Gold Berjangka | Oil prices rose on Friday, continuing to climb after OPEC+ members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements and as an interest rate cut in Europe raised the prospect of a similar U.S. move.

Brent crude futures rose 16 cents or 0.2% to $80.03 per barrel and U.S. West Texas Intermediate crude futures rose 16 cents or 0.2% to $75.71 as at 0007 GMT.

Prices rallied on Thursday when Saudi Arabia and Russia tried to reassure markets on supply agreements. However, they are heading for a weekly loss after analysts saw Sunday’s OPEC+ meeting as indicating rising supply which is bearish for prices.

OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, agreed to extend most production cuts into 2025 but left room for voluntary cuts from eight members to be unwound gradually.

Attending an event in Russia on Thursday along with Russian Deputy Prime Minister Alexander Novak, Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ can pause or reverse voluntary output increases if it decides the market is not strong enough.

Source : Reuters