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IamFire plc

Oil up over Iraq production cuts

Oil was up on Monday morning in Asia after Iraq said it would step up production cuts and U.S. President Donald Trump took executive action on economic aid for Americans hit by the COVID-19 pandemic, reigniting hopes for a recovery in fuel demand.

WTI futures rose 1.07% to $41.66 by 10:32 PM ET (10:32 AM GMT) and Brent Oil futures also were up 0.83% to $44.78.

Iraq, a key member of the Organization of the Petroleum Exporting Countries and its allies (OPEC+), announced on Friday that it will be stepping up production cuts to compensate for failing to comply with a deal made in April to limit oil production.

IamFire plc (FIRE) is an investment vehicle which is focused on the oil and gas, and base and precious metals sectors.

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