Oil ticks higher on expectation of a third fall in US crude stockpiles
Seoul — Oil markets nudged higher on Tuesday, buoyed by expectation of a drop in US crude stockpiles and after last week’s deal between Opec and other crude producers to extend output curbs.International benchmark Brent crude futures were up 6c or 0.1% from their last close, at $62.51 a barrel at 4.10am GMT.US West Texas Intermediate (WTI) crude futures were up 12c or 0.2% at $57.59 a barrel.The Organisation of the Petroleum Exporting Countries (Opec) and non-Opec producers last week rolled over their agreement to cut output by 1.8-million barrels a day until the end of 2018, aiming to erode a global glut and drive up prices.Goldman Sachs said Saudi Arabia and Russia had shown a stronger commitment to extending cuts, and the bank raised its Brent and WTI spot forecasts for 2018 to $62 and $57.50 a barrel respectively."By 2019, however, we believe the response of shale and other producers to higher prices will incentivise Opec and Russia to pare back their now greater spare capacity,...
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