Markets

Oil prices edge up in anticipation of extended crude output cut

Oil prices edge up in anticipation of extended crude output cut

Signs that oil-producing Iraq and Algeria were joining Saudi Arabia backing an extension to supply cuts also supported the price.

By 11:12 a.m., USA crude futures CLc1 were up $1.30, or 2.8 percent, at $47.18 a barrel, and Brent crude LCOc1 rose 2.5 percent, or $1.25, to $49.98 a barrel.

WTI also fell 1.2 percent in the previous session, and the closing price for both contracts on Tuesday was the second lowest since November 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production during the first half of 2017.

Supply from the 11 OPEC members with production targets under the accord - all except Libya and Nigeria - fell to 29.674 million bpd last month, according to figures from secondary sources that OPEC uses to monitor output.

US commercial crude inventories fell by 5.2 million barrels, versus estimates for a 1.8 million barrel decline.

The American Petroleum Institute reported Tuesday stockpiles fell by 5.8 million barrels last week, more than the 1.8 million-barrel slide analysts predicted.

The impact was immediately felt with a 19 cent rise on Brent futures LCOc1 after months of price rallies and declines. USA light crude oil was last up 60 cents at $47.93.

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At 522.5 million barrels, crude inventories are at their lowest since February. The surprise decrease in gasoline and distillate inventories also helped mitigate worries that US commuters weren't soaking up enough gasoline to offset supply.

Oil prices have increased after Saudi oil giant Aramco announced cuts in supplies to the Asia market.

The worldwide benchmark, Brent crude, fall to a five month low of $46.64 a barrel that put OPEC's effectiveness under doubt.

Prices surged immediately after the agreement in November, but have come under pressure in recent weeks as USA production has ramped up and pushed back expectations for when the oil market will come into balance.

The development came after Iraq and Algeria joined Saudi Arabia in supporting an extension to OPEC supply cuts.

The Organisation of Petroleum Exporting Countries (OPEC) has called on United States shale oil drillers to cut output for the prosperity of global economy.

Currently, OPEC is planning to extend the tenure of this oil curb to the year-end or to next year.


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