Oil edges towards $76, supported by tight supplies


Oil edges towards $76, supported by tight supplies

Oil climbed towards $76 a barrel on Wednesday, supported by tight supplies despite expectations Opec and its allies will pump more in the second half of 2018 and helped by forecasts US inventories fell.

Global benchmark Brent crude has dropped almost $5 from a 3 1/2-year high of $80.50 a barrel on May 17, after reports that Opec and Russia may increase supply at a June meeting.  This would reverse policy after 17 months of supply curbs that have largely removed excess global oil inventories.

Brent rose 40 cents to $75.79 a barrel by 0925 GMT, after trading as low as $74.81 earlier. US crude was up 25 cents at $66.98.  Read More

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