New York — Oil futures jumped more than 2% on Wednesday on a decline in US crude inventories, and after sources signalled top exporter Saudi Arabia wanted to see the crude price closer to $100 a barrel.Oil cartel Opec’s new price hawk, Saudi Arabia, would be happy for crude to rise to $80 or even $100, three industry sources said, a sign Riyadh would seek no changes to a supply-cutting deal even though the agreement’s original target was within sight.Brent crude futures were up $1.54 at $73.12 by 3.14pm, while US West Texas Intermediate crude futures gained $1.63 to $68.15, having hit $68.45 earlier in the session, their highest since late 2014.Prices were supported as US oil stockpiles fell across the board last week with petrol and distillates drawing down more than expected on stronger demand, according to data from the US Energy Information Administration.Crude inventories dropped by 1.1-million barrels as a result of a decline of 1.3-million barrels per day in net crude imports...
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.