19.Jun .2020 16:06

Oil prices rise on faith in supply cuts, demand recovery

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Oil prices pushed higher in early trade on Friday, building on gains in the previous session, after OPEC producers and allies promised to meet their supply cut commitments and two major oil traders said demand was recovering well.

U.S. West Texas Intermediate (WTI) crude CLc1 futures climbed 23 cents, or 0.6%, to $39.07 a barrel at 0209 GMT, while Brent crude LCOc1 futures rose 18 cents, or 0.4%, to $41.69 a barrel. Both contracts rose around 2% on Thursday.