Tokyo — Oil futures rose in Asian trading on Wednesday after Reuters reported Saudi Arabia would cut supplies to the region as oil cartel Opec battles against rising US output that is threatening to derail its attempts to end a sustained global glut in crude. State-owned Saudi Aramco would reduce oil supply to Asian customers by about 7-million barrels in June, a source told Reuters, as part of Opec’s agreement to reduce production and as it trimmed exports to meet rising domestic demand for power during the summer. Seven-million barrels is about two days of oil imports into Japan, the world’s fourth-biggest importer. Aramco had previously been maintaining supplies to its important Asian customers. Global benchmark Brent futures were up 25c, or 0.5%, at $48.98 a barrel at 2am GMT. They fell 1.2% on Tuesday. US West Texas Intermediate (WTI) crude was up 29c, or 0.6%, at $46.17 a barrel. It also fell 1.2% the previous session, and the closing price for both contracts on Tuesday was th...
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