TIWN
New York, Feb 20 (TIWN) Oil prices settled higher on Wednesday as investors' concerns for oversupply eased.
The West Texas Intermediate for March delivery increased 1.24 U.S. dollars to settle at 53.29 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose 1.37 dollars to close at 59.12 dollars a barrel on the London ICE Futures Exchange.
The Organization of the Petroleum Exporting Countries, Russia and other oil producers will convene a ministerial meeting in March in Vienna as originally scheduled to make a decision on production policies for the upcoming months, Russian deputy energy minister Pavel Sorokin said Tuesday.
Hopes that the world's major exporters would deepen supply cuts supported the oil prices.
- IMF expects India to rev up global growth as China falters, backs Modi government's economic policies
- realme set to shake up market: Launching fastest entry-level 5G smartphone 'C65' under Rs 10k
- India's industrial production accelerates to 5.7pc in Feb
- India records 17 pc jump to become 4th largest exporter of digital services: WTO report
- 300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals