Oil touches multi-week highs as OPEC signals may extend cuts
Updated : May 20, 2019 10:38 PM IST
US West Texas Intermediate crude futures gained 47 cents to $63.23 a barrel, after hitting $63.81, the highest since May 1.
OPEC, Russia and other non-member producers, an alliance known as OPEC+, agreed to cut output by 1.2 million barrels per day (bpd) from Jan. 1 for six months to try to prevent inventories from increasing and weakening prices.
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