Saudi- Oil prices rise as OPEC production supply cuts continue

2017-11-04 02:59:42

(MENAFN- Saudi Press Agency)
Singapore, Safar 14, 1439, November 03, 2017, SPA -- Oil prices rose today, driven by OPEC-led supply cuts that narrowed the gap between supply and demand in the market and supported by strong demand.
By 0739 GMT, global benchmark crude hit $ 60.75 a barrel, up 13 cents, or 0.2 %, from the previous settlement price. Brent climbed nearly 37 percent since hitting its lowest level in June 2017.
US WTI hit $ 54.70 a barrel, up 16 cents, or 0.3 %, from the previous settlement price. US crude rose nearly 30 percent from a record low of 2017 in June. Oil prices are also rising in the current market as Saudi Aramco raised the official sale price of its Arab light crude in December to its Asian customers by 65 cents a barrel from November to $ 1.25.
-- SPA
15:04 LOCAL TIME 12:04 GMT

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