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Oil prices rise on possible OPEC supply cuts

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News Tech: WASHINGTON, Aug 24 (Reuters) – Oil prices rose in early Asian trade on Wednesday after Saudi Arabia suggested the Organization of the Petroleum Exporting Countries could consider cutting output, though bearish economic signals from central bankers and falling equities weighed.

Both crude oil benchmark contracts touched three-week highs on Wednesday after the Saudi energy minister flagged the possibility of cutting production. read more

U.S. crude futures rose 34 cents to $95.23 a barrel by 0016 GMT, while Brent crude futures rose 51 cents, or $101.73 a barrel.

OPEC sources later told Reuters that any cuts by the producer group and its allies, known collectively as OPEC+, are likely to coincide with a return of Iranian oil to the market should Tehran secure a nuclear deal with world powers. read more

RegisterEditing by Sam Holmes

Source: Reuters Trust Principles. Laura Sanicola

Thomson Reuters Reports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.

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