Oil prices climb on hope of supply cuts, robust China data

0 Comment(s)Print E-mail Xinhua, December 3, 2019
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NEW YORK, Dec. 2 (Xinhua) -- Oil prices climbed on Monday, boosted by hope of further supply cuts by the world's major oil producers as well as robust Chinese manufacturing data.

The West Texas Intermediate (WTI) for January delivery increased 0.79 U.S. dollar to settle at 55.96 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 0.43 dollar to close at 60.92 dollars a barrel on the London ICE Futures Exchange.

Oil prices were underpinned by growing optimism that the Organization of the Petroleum Exporting Countries (OPEC) and its allies are expected to implement bigger production curbs when they meet later this week.

In July, OPEC and Russia, together with other non-OPEC members, agreed to extend a 1.2 million barrel a day production cut for nine months, a move designed to keep oil prices from falling.

Meanwhile, newly-released data showed expansion in China's manufacturing sector last month, which suggested stronger demand, also lending some support to the market. Enditem

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