Brent oil trades near $65 as production cuts fuel 2019 high [CNBC]
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Source: CNBC
Brent oil trades near $65 as production cuts fuel 2019 high Jason Reed | Reuters Brent crude oil reached 2019 highs above $65 per barrel on Friday, as OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors. The international oil benchmark rose as high as $65.10, pushing past $65 for the first time this year. It was last up 35 cents, or half a percent, at $64.92. U.S. West Texas Intermediate crude OPEC, along with allies led by Russia, made voluntary production cuts beginning last month aimed at tightening the market. show chapters hits new 2019 highs 34 Mins Ago | 01:50 Top exporter and de facto OPEC leader Saudi Arabia said on Tuesday it would cut over half a million barrels per day (bpd) more in March than the deal called for, sending prices surging. Prices were also buoyed by the partial closure of Saudi Arabia's Safaniya, its largest offshore oilfield with a production capacity of more than 1 million bpd. The shutdo
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