The rise of the price of oil with the reduction of supplies

19-01-2019 MEDIA IN AGENCIES
Oil prices rose more than 1 percent on Tuesday amid supply cuts led by OPEC and Russia, but the worsening economic outlook may soon get fuel demand growth.
Brent crude for the month was $ 59.80 a barrel, up 81 cents, or 1.4 percent, from the last close.
US WTI hit 51.21 dollars a barrel, up 70 cents, or 1.4 percent.
“The cuts led by Oke and the decline in the number of amphibious rigs have boosted sentiment in the market in the new year,” brokerage firm Philip Futures said.
OPEC and a number of independent producers, including Russia, agreed late last year to cut output to curb global supply glut.
In the United States, the number of rigs looking for new oil production from the 2018 peak of 888 dredgers dropped to 873 earlier this year, which could increase the production of more than 2 million barrels per day last year, bringing US crude production to a record 11.7 million barrels Daily.