Singapore — Oil prices were mixed on Tuesday, supported by Saudi Arabia saying it would stick to a commitment to cut output, but held back by rising US production and scepticism that Opec can reduce supply. Brent crude futures, the international benchmark for oil prices, were at $55.76 a barrel at 8.13am GMT, down 10c from their previous close. But US West Texas Intermediate crude futures were up 15c at $52.51 a barrel. Traders said markets were getting support from top crude exporter Saudi Arabia, which said it would stick to its commitment to cut output under the agreement between Opec and other producers such as Russia. Opec, Russia and other non-Opec producers agreed to cut oil output by nearly 1.8-million barrels a day (bpd), initially for six months, to bring supplies back in line with consumption. "The market genuinely seems quite happy here (around $55) ... but people are watching with caution as the slightest hint of this Opec/non-Opec agreement going wrong is going to driv...

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.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.