Oil rises to the prospect of a further reduction in OPEC production

SEOUL (Reuters) – Oil rose on Friday because of expectations of reduced OPEC production, although worries over the long-standing US-China trade dispute are holding back gains.

Brent crude futures were at $ 57.54 per barrel at 6:46 GMT, up 16 cents (0.3%) from the previous settlement price.

The WTI (West Texas Intermediate) US futures price was $ 52.68 per barrel, up 14 cents (0.3%) from the previous close.

Brent crude and WTI futures contracts rose more than 2 percent on Thursday after reports that Saudi Arabia, the world's largest oil exporter, had urged other producers to consider a recent drop in oil prices. price of crude.

Oil prices are still down more than 20% from the peaks reached in April.

Global financial markets were shaken last week after US President Donald Trump announced that he would impose 10% tariffs on more Chinese products starting in September, with the decline of the yuan reinforcing fears of A currency war.

Bloomberg said Washington is delaying the decision of US companies to return to work with Huawei Technologies.

A Saudi oil official said the kingdom, OPEC's largest crude oil producer, planned to maintain its crude oil exports to less than 7 million barrels a day in August and September in order to rebalance the market and contribute to the reduction of stocks. World Oil.

UAE Energy Minister Suhail Al Mazrouei also said that the United Arab Emirates will continue to support measures to balance the oil market.

He added that the Joint Ministerial Monitoring Committee of OPEC producers and non-OPEC producers would meet in Abu Dhabi on September 12 to review the situation in the oil market.

(Reuters)