Rising oil prices supported by expectations of a further reduction in production

Reuters

Rising oil prices supported by expectations of a further reduction in production

NEW YORK (Reuters) – Oil prices rose on Friday in anticipation of further cuts in OPEC production, but fears over the fallout from the US-China trade dispute limited gains.

At 6:46 am GMT, Brent crude futures were trading at $ 57.54 per barrel, up 0.3 percent from the previous settlement price.

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

Crude oil rose more than 2 percent on Thursday, citing reports that Saudi Arabia, the world's largest oil exporter, had urged other producers to consider a recent drop in crude oil prices.

The global financial markets were shaken last week after US President Donald Trump announced that he would impose a 10% tariff on more Chinese products from September, as the decline of the yuan exacerbated fears of US exports. A currency war.

Source: Reuters