Oil edged up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, although prices were prevented from rising further by record U.S. crude output and rising commercial fuel inventories.
U.S. West Texas Intermediate (WTI) crude oil futures were at 56.45 dollars per barrel at 0234 GMT, up 23 cents, or 0.4 per, from their last settlement.
Brent crude futures were at 66.36 per barrel, up 37 cents, or 0.6 per cent.
Prices are being supported by efforts led by the Organisation of the Petroleum Exporting Countries (OPEC) and other countries – a grouping known as ‘OPEC+’ – to withhold around 1.2 million barrels per day (bpd), a strategy designed to tighten markets.
“In our view, OPEC’s strategy is to rebalance the market as quickly as possible and exit the cuts by the end of June in order to grow production alongside shale producers in the second half of this year,” U.S. investment bank…
Source: News Agency of Nigeria
