London — Global oil prices slipped on Wednesday as the US dollar, in which payments for crude are made, rose but they traded broadly at multiweek highs after Opec signalled optimism over its deal with other producers to curb output. The US West Texas Intermediate (WTI) April crude contract, the new front-month future, was down 34 US cents, or 0.6%, at $53.99 a barrel at 9.40am GMT. Brent crude was down 44c, or 0.8%, at $56.83, having touched its highest level since February 2 at $56.20 in the previous session. Nevertheless, an agreement by major oil producers under the Opec umbrella, which came into place at the start of this year, lent a floor to oil prices. Mohammad Barkindo, secretary-general of oil cartel Opec, told a conference on Tuesday that January data showed conformity from member countries in the output cut at more than 90%. Adding to the bullish sentiment, hedge funds raised their combined net long position in the three main derivative contracts linked to Brent and WTI b...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.