Forex News

Oil prices rose amid OPEC words about production cuts in 2019

Oil prices rose on Thursday after OPEC reported that it could cut oil production in 2019 amid fears about rising oil reserves and economic uncertainty.

January futures for Brent crude went up 49 cents or 0.68 percent to $ 72.56 a barrel, while futures for crude oil WTI went up 0.5 percent to $ 61.98 per barrel.

Ministers from OPEC and their allies will meet in Abu Dhabi on Sunday. They are expected to discuss the possibility of reducing production next year to maintain the price of $ 70 per barrel.

Meanwhile, with the end of the US mid-term elections and the release of data on large reserves of oil, the pressure is likely to decrease if the US lowers prices and makes up for the loss of oil supplies from Iran.

US sanctions so far have not led to the cessation of the export of Iranian oil after eight countries had the opportunity not to take restrictions into account.