Oil rose to multi-week highs on Monday after OPEC indicated it will likely maint...
TOKYO - Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.
U.S. West Texas Intermediate crude was 82 cents, 1.3%, higher at $63.58 a barrel. The U.S. benchmark reached $63.81 earlier, the highest since May 1. Meanwhile, U.S. President Donald Trump threatened Tehran on Sunday, tweeting that a conflict would be the “official end” of Iran, while Saudi Arabia said it was ready to respond with “all strength” and that it was up to Iran to avoid war.
OPEC, Russia and other non-member producers, an alliance known as OPEC+, agreed to reduce output by 1.2 million barrels per day from Jan. 1 for six months to prevent inventories from increasing and weakening prices.
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