Oil edges further above $55 on Russian and Opec cuts
These cuts follow 2016’s deal to lower supplies by a combined 1.8-million barrels per day to prop up prices, which are still half their level of mid-2014
London — Oil edged further above $55 a barrel on Wednesday supported by signs that Russia and oil cartel Opec producers were delivering on promised supply reductions. However, a report showing a large rise in US crude inventories limited gains. Russia has cut production in January by about 100,000 barrels per day, according to data provided to Reuters on Wednesday. A day earlier, a Reuters survey found high compliance by Opec with agreed cuts. Brent crude was up 25c at $55.83 a barrel at 9.54am GMT, having traded in a narrow 53c range so far in the session. US crude rose 26c to $53.07. The producer efforts were countered by signs of a persistent supply glut in the US. US crude inventories rose by 5.8-million barrels, industry group the American Petroleum Institute (API) said on Tuesday — more than analysts forecast. "The oil complex remains firmly stuck in its narrow range after the API reported an unrelenting increase in bulging US petroleum stockpiles," Stephen Brennock of oil bro...
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