Oil prices edge up on reports of Saudi supply cuts, but details murky

Oil prices edge up on reports of Saudi supply cuts, but details murky

Oil edged up on Wednesday, lifted by reports of Saudi supply cuts to Asia, but prices were prevented from rising further over a lack of detail of these reductions and because of signs of rising supplies from other producers.

Prices for Brent crude futures, the international benchmark for oil prices, were trading at $53.75 per barrel at 0316 GMT, up 11 cents from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were at $50.97 a barrel, 15 cents above their last settlement.

Traders said that the price rises were a result of reports that Saudi Arabia, the world’s top oil exporter, was telling some Asian customers that it will curb crude supplies slightly from contracted volumes in February, although Reuters was not able to confirm any details of the reductions. Read More…

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