Brent, WTI Prices Edge Up

Brent, WTI Prices Edge Up
Brent, WTI Prices Edge Up

Oil prices rose on Wednesday, boosted by expectations of US crude inventory declines as well as the latest output cut targets set by the OPEC+ producer alliance.
Brent crude futures gained 45 cents, or 0.5%, to $85.39 a barrel. West Texas Intermediate US crude was up 40 cents, or 0.5%, to $81.11 a barrel, reported.
The rise came as an industry report showed US crude stocks fell by about 4.3 million barrels in the week ended March 31. 
Continuing to add support were the latest targets to reduce supplies set by OPEC and allies, including Russia, a group known as OPEC+.
"Energy traders are still digesting the OPEC+ surprise production cut and any news that suggests the oil market will remain even tighter is going to send prices even higher," said Edward Moya, an analyst at OANDA.
The OPEC+ plan would bring the total volume of cuts by the group to 3.66 million barrels per day, including a 2 million bpd cut last October, equal to about 3.7% of global demand.
In Asia, data showed Japan's service sector grew in March at the fastest rate in more than nine years.

Add new comment

Read our comment policy before posting your viewpoints