Singapore — US crude oil edged higher for a second day on Tuesday, underpinned by high compliance with oil cartel Opec’s production cuts even as the market remains anchored by rising US production. Opec has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months as the biggest laggards — the United Arab Emirates (UAE) and Iraq — pledge to catch up quickly with their targets. "With the prospect of Opec extending the current cuts even longer, we would expect to see prices continue to push higher from here," ANZ said in a note. West Texas Intermediate (WTI) crude oil added 11c, or 0.2%, to $54.16 a barrel by 3.37am GMT, while benchmark Brent crude oil added 17c, or 0.3%, to $56.10 a barrel. For the month, US crude oil is up 2.6% after falling in January, while Brent oil has risen marginally. Under the deal, Opec agreed to curb output by about 1.2-million barrels a day from January 1, the first cut in eight years. Russia and 10 ...
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.