Comments
Oil prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for United States (US) crude output.
International Brent crude oil futures were at $66.93 a barrel at 0039 GMT, up 26 cents, or 0.4 per cent, from their last close. Brent touched $67.39 a barrel on Monday, its highest since February 25.
US West Texas Intermediate (WTI) crude futures were at $57.17 per barrel, up 30 cents, or 0.5 per cent, from their last settlement.
US crude oil production is expected to grow slower than previously expected in 2019 and average about 12.30 million barrels per day (bpd) the US Energy Information Administration (EIA) said on Tuesday.
Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output well below 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support oil prices.
On Sunday, Saudi oil minister Khalid al-Falih said it would be too early to change OPEC+ output policy at the group's meeting in April.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.