Oil prices edged higher on Wednesday on expectations that US crude oil inventories are falling and on signs that oil producers are willing to stick to agreed output cuts that came into effect this week.
Global benchmark Brent crude futures were up 49 cents at $55.96 a barrel by 0924 GMT (2:54 p.m. in India). The contract had reached a fresh 18-month high in the previous session, but a strong dollar has shaved off most of those gains since.
US West Texas Intermediate (WTI) crude futures were trading at $52.82 per barrel, up 49 cents from the last settlement.
“Positive equities and gains in industrial metals this morning, as well as expectations that U.S. crude oil stocks will show a decline…are ingredients helping to drive a slight gain in Brent crude this morning,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets in Oslo. Read More…