Make this your homepage
Business News
Home > Business News
Oil prices rise on hopes for deeper output cuts
TIWN
Oil prices rise on hopes for deeper output cuts
PHOTO : TIWN

New York, Feb 20 (TIWN) Oil prices settled higher on Wednesday as investors' concerns for oversupply eased.

The West Texas Intermediate for March delivery increased 1.24 U.S. dollars to settle at 53.29 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose 1.37 dollars to close at 59.12 dollars a barrel on the London ICE Futures Exchange.

The Organization of the Petroleum Exporting Countries, Russia and other oil producers will convene a ministerial meeting in March in Vienna as originally scheduled to make a decision on production policies for the upcoming months, Russian deputy energy minister Pavel Sorokin said Tuesday.

Hopes that the world's major exporters would deepen supply cuts supported the oil prices.

Add your Comment
Comments (0)

Special Articles

Sanjay Majumder Sanjay Majumder
Anirban Mitra Anirban Mitra