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    Oil posts best week since June as OPEC and allies announce deep production cut

    07.12.2019 [20:49]

    Baku, December 7, AZERTAC

    Oil moved higher on Friday as OPEC and its allies agreed to deepen oil production cuts to 500,000 barrels a day through to March 2020. This brings the total production cut to 1.7 million barrels a day.

    U.S. West Texas Intermediate crude futures gained 77 cents, or 1.3%, to settle at $59.20 a barrel. For the week WTI gained more than 7%, for its best week since June. During Friday’s trading session Brent gained 1.6% to settle at $64.37.

    AZERTAG.AZ :Oil posts best week since June as OPEC and allies announce deep production cut
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