TOKYO (Reuters) – Oil prices rose on Tuesday in thin pre-Christmas trading after Russia’s energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in U.S. crude inventories.
Brent crude LCOc1 was up 12 cents, or 0.2%, at $66.51 a barrel by 0702 GMT. U.S. West Texas Intermediate CLc1 was 7 cents higher at $60.59 a barrel.
OPEC, Russia and other producers that have linked up to curtail production and support prices will continue their cooperation as long as it is “effective and brings results,” Russian energy minister Alexander Novak said in an interview on Monday.
Cooperation with the Organization of the Petroleum Exporting Countries (OPEC) would continue “until the market requires it,” Novak added.
OPEC and other producers agreed in November to extend and deepen output curbs in place since 2017. The reduction of output could see as much as 2.1 million barrels per day (bpd) taken off the market, or…
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