Oil hits six-week high on hopes of extended OPEC output cuts

He added that the so-called OPEC+ alliance, made up of OPEC and non-OPEC countries including Russia, would be in place for the long term.


Oil hits 6 week high, prices rise on production cut hopes

Oil futures hit a six-week high on Tuesday. Prices have now risen for five straight days on optimism that OPEC and other countries may agree to extend production cuts, in a bid to support prices.

The decision will be announced at a meeting of OPEC and OPEC countries in Abu Dhabi this week. The Saudi Arabian king’s son, Prince Abdulaziz bin Salman, was also appointed energy minister and he affirmed there would be no change to a global deal to cut oil production by 1.2 million barrels per day.