Oil prices improve after Saudi Oil Minister’s comments on OPEC-led supply cuts

March 11, 2019 (MLN): Oil prices improved on Monday after Saudi Oil Minister Khalid al-Falih said that an end to OPEC-led supply cuts was improbable before June. Moreover, the prices also increased on the back of a report showing a fall in U.S. drilling activity.

West Texas Intermediate (WTI) crude oil futures were at $56.38 per during initial hours on Monday, up 32 cents, or 0.6 percent from their last close.

On the other hand, Brent crude futures were at $66.09 per barrel, up 30 cents, or 0.5 percent.

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Posted on: 2019-03-11T12:13:00+05:00