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Oil prices tick up on OPEC studying output cut

Oil prices inched up on Tuesday as tension around Iran’s seizure of a South Korean vessel simmered and after it emerged that the OPEC+ group is studying a possible production cut in February, according to a document.

Brent crude futures for March rose 35 cents to $51.44 a barrel by 0947 GMT, while U.S. West Texas Intermediate crude for February was at $48.04 a barrel, up 42 cents.

President Energy plc (LON:PPC) is an independent oil and gas company focusing primarily on high margin production opportunities in Latin America.

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