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Business

REUTERS
June 13, 2018

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Oil rises

Singapore : Oil prices edged up alongside global markets on Tuesday as U.S. President Donald Trump said a summit in Singapore with North Korea´s Kim Jong Un had made "a lot of progress," boosting hopes of a deal to end a nuclear standoff on the Korean peninsula.

Markets were held back by signs that output is rising from top producers Russia, the United States and Saudi Arabia.

Traders said activity was also muted ahead of a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and some of its allies on June 22 that may determine the crude production policy of several major producers.

Brent crude futures were trading at $76.55 a barrel at 0547 GMT, up 9 cents, or 0.1 percent, on their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $66.24 a barrel, up 14 cents, or 0.2 percent.

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