Oil prices on Tuesday reversed earlier losses after Saudi Arabia said a deal bet...
SINGAPORE - Oil prices on Tuesday reversed earlier losses after Saudi Arabia said a deal between producers to withhold output that has been in place since January could be extended beyond June to cover all of 2019.
Brent crude futures were at $72.25 per barrel at 0701 GMT, up 21 cents, or 0.3 percent, from their last close. Despite a shaky global economy, oil prices have surged by almost 40 percent since January, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries as well as by U.S. sanctions on producers Iran and Venezuela.
Despite this, the bank said it expected “a nearly balanced market in 2019” as output from OPEC and also the United States will rise.
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