SINGAPORE (Reuters) – Oil prices rose by around 1 percent on Wednesday as producer club OPEC said it had deeply cut supply in January and as U.S. sanctions hit Venezuela’s oil exports.
U.S. West Texas Intermediate (WTI) crude oil futures were at $53.64 per barrel at 0138 GMT, up 54 cents, or 1 percent, from their last close.
International - Brent - Crude - Futures - Percent
International Brent crude futures were up 0.9 percent, or 53 cents, at $62.95 per barrel.
Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore said oil prices were boosted after “Saudi Arabia announced it was cutting daily production and exports by a further 500,000 barrels per day (bpd) on top of its agreed OPEC quota cut”.
Organization - Petroleum - Exporting - Countries - OPEC
The Organization of the Petroleum Exporting Countries (OPEC), which Saudi Arabia de-facto leads as the world’s top crude oil exporter, said on Tuesday that it...
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