London — Oil prices rose for the first time in three days on Wednesday, following news of Saudi supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check. Brent crude futures were up 52c at $54.16 a barrel by 9.50am GMT, while US West Texas Intermediate (WTI) crude futures were up 44c at $51.26 a barrel. Brent has surrendered nearly 40% of the gains made between late November and early January. Analysts, however, said the slide was unlikely to become more aggressive, given the likelihood of Saudi Arabia and its Gulf neighbours at least sticking to their pledge to cut output. "Few envision that Brent crude at sub-$50 a barrel is a viable price (in ... the first half of 2017) amid Opec production cuts tightening up the market," SEB commodities strategist Bjarne Schieldrop said. "If last night’s low of $53.58 a barrel turns out to be the low point remains to be seen. However, we do think that buying in the te...
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