Oil rises to highest level in 2019


Date of release: 2019/2/15 12:40

International crude prices rose Brent to a record high of 2019 above $ 65 a barrel on Friday, supported by OPEC-led production cuts and a partial closure of Saudi Arabia’s largest offshore oil field .

Brent rose to $ 65.10, the first time it was above $ 65 this year, before retreating to $ 64.77 by 0623 GMT, up about 0.3 percent from the previous settlement.

The benchmark is close to a three-month high and is heading for a weekly gain of 4.5 percent this week.

US WTI crude futures were $ 54.56 a barrel, up 15 cents, or 0.3 percent, from the previous settlement.

Traders said the price was supported by a partial closure of Saudi Arabia’s largest offshore oilfield , the Safaniya , which has a production capacity of over 1 million bpd.

The source said the closure took place earlier this week. It was not clear when the field would return to full capacity

http://alforatnews.com/modules/news/article.php?storytopic=37&storyid=188528

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