Oil prices rise on Middle East tension, global market recovery
Commodity Alert : Oil prices rise on Middle East tension, global market recovery
Oil prices rose on Tuesday, pushed up by concerns that tensions in the Middle East could lead to supply disruptions. Hopes that behind-the-scenes talks between the United States and China will prevent a looming trade war between the world's two biggest economies also supported global markets, including crude oil futures. Iraq, the second biggest producer within the Organization of the Petroleum Exporting Countries (OPEC) said on Monday that it also supports the producer cartel's agreement to cut oil output. OPEC, together with a group of non-OPEC producers led by Russia, started withholding production in 2017 in order to prop up prices. The deal to cut is scheduled to last through 2018, and there has been recent support by OPEC's de-facto leader Saudi Arabia to extend the cuts into 2019.