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Brent would reach $70 a barrel this year. Oil gains as Saudi minister stands by OPEC output cuts.

Mar 12, 2019 08:40

Oil prices rose 1 percent on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June.

In addition, a Saudi official said the country planned to cut crude oil exports in April to below 7 million barrels per day.
Oil markets have been supported this year by the ongoing supply cuts by the group called OPEC+, which has pledged to cut 1.2 million barrels per day (bpd) in crude supply since the start of the year to prop up prices.
The group will meet on April 17-18, with another gathering scheduled for June 25-26, to discuss supply policy.
Citing the OPEC+ cuts and low global stocks, Bank of America Merrill Lynch said in his report predicted prices for Brent would reach $70 a barrel this year.
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