Oil prices rise on optimism OPEC+ meeting will result in supply cut
FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. Picture taken August 21, 2019. REUTERS/Jessica Lutz/File Photo
U.S. West Texas Intermediate crude CLc1 was trading up 4.9%, or $1.22, at $26.31 per barrel at 2229 GMT after touching a high of $26.61, adding to gains in the previous session. The meeting is expected to be more successful than their gathering in March, where they failed to agree to extend supply cuts and triggered a price war between Saudi Arabia and Russia.
However with oil prices having lost half their value since the start of the year and oil demand forecast to slide as much as 30%, analysts are sceptical about how effective an OPEC+ cut would be in shoring up prices.
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