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Oil Prices Rose After Agreement on Supply Cuts

Oil prices gained over $1 early on today with crude oil trading at $59.80, after Saudi Arabia, Russia and Iraq supported an extension of supply cuts of 1.2 million barrels per day for another 6-9 months ahead of OPEC meeting.

Heading into the OPEC+ (an alliance of OPEC, Russia and other producers) meeting in Vienna on Monday, the Iranian Oil Minister Zanganeh noted that the cooperation with non-OPEC countries is worthless if OPEC members are not united.

The rising tension between US and Iran has impacted the Oil and global market stability slowing the economy down.

On the bright side of trade wars and tensions, US and China had come to an agreement, after leaders of the world's two largest economies on Saturday to restart trade talks. Investors are hoping for closing a deal rather than seeing new tariffs applied on China and another trade war talks.

#Oil #US #Iran #Tension #Commodities #Trump #Putin #BinSalman #OPEC #SupplyCut #TradeMagnates #SocialMagnates