Singapore — Oil prices edged up on Friday, supported by a fall in Saudi exports to the US, but overall markets remained under pressure as a result of a world market awash with fuel. Prices for front-month Brent crude futures, the international benchmark for oil, were at $50.63 a barrel at 3.43am GMT, up 7c from their last close. In the US, West Texas Intermediate (WTI) crude futures were up 12c at $47.82 a barrel. Traders said the lift in prices came as a report that Saudi Arabia’s crude exports to the US in March would fall by about 300,000 barrels a day from February, in line with oil cartel Opec’s agreement to reduce supply. "We have turned bullish ... over a three-month time horizon ... on the premise of strong stock draws in [the second quarter of] 2017 and firm Opec, non-Opec compliance," BMI Research said in a note to clients. In the US, overseas oil suppliers like Saudi Arabia have to compete against rising shale drilling, which has pushed up US oil production by more than 8...
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