adminLondon. — Oil prices rose yesterday after a larger-than-expected fall in US crude inventories and on attempts by oil cartel Opec to rebalance an oversupplied market by cutting output.
US crude oil inventories fell by 5,8 million barrels last week, above analysts’ expectations for a 1,8-million barrel decline, according to industry group the American Petroleum Institute.
Oil was also buoyed by a report on Wednesday that Saudi Arabia would cut crude supplies to Asia. Global benchmark Brent crude was up 40 US cents at $49,13 a barrel by 9am GMT. US light crude oil was 45c higher at $46,33 a barrel.
Despite the stronger trend, analysts said the market remained under pressure after a build in petrol stocks in the US, which partially offset the fall in crude inventories. – Reuters.
Peter Tanyanyiwa
Online Reporter