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Oil prices extend rise as OPEC cuts tighten supply

Updated : January 31, 2019 10:46 PM IST

OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found Thursday, as Saudi Arabia and its Gulf allies over-delivered on the group's supply-cutting pact while Iran, Libya and Venezuela registered involuntary declines.
The Organization of Petroleum Exporting Countries (OPEC), along with allies including Russia, announced supply cuts effective Jan. 1 to tighten the market after worries over a global glut caused heavy price losses in late 2018.
Oil prices extend rise as OPEC cuts tighten supply
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