Oil Supply Cuts Help Steady Prices – 2 July, 2019

Oil prices recovered from a sharp fall the precious session despite concerns over a slowdown in global economic growth with help from OPEC cuts. U.S. crude futures were up 29 cents and 0.5% for August to $56.54 per barrel. Brent crude futures were up 0.6% or 36 cents for September delivery to $62.76 per barrel. OPEC and Russia agreed to continue to cut oil prices until March 2020 in an effort to draw down oil inventories, boosting their prices during the second half of the year.