Oil prices edged higher on Wednesday, supported by ongoing OPEC-led supply cuts ...
TOKYO/SYDNEY - Oil prices edged higher on Wednesday, supported by ongoing OPEC-led supply cuts and a surprise fall in U.S. crude inventories, although gains were capped by strong U.S. production.
Brent crude futures were at $71.71 a barrel at 0500 GMT, up 9 cents, or 0.1 percent, from their last close and not far off Wednesday’s five-month high of $72.27 a barrel.U.S. crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels, Department of Energy showed on Wednesday.
Prices have been supported this year by an agreement reached by the Organization of the Petroleum Exporting Countries and its allies, including Russia, to limit their oil output by 1.2 million barrels per day.Iran’s crude exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a drawdown in buyer interest ahead of expected further pressure from Washington.“A persistent rise in U.S.
“The unexpected drawdown in U.S. commercial crude oil stocks was balanced by lower-than-expected withdrawals in the country’s gasoline and distillate inventories,” Kumar said.
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