Singapore — Oil prices rose for a third day on Thursday, pushed up by lower imports into the US amid Opec’s efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation. US West Texas Intermediate (WTI) crude futures were at $54.63 a barrel at 4.45am GMT, up 40c, or 0.7%, from their last settlement. International Brent crude oil futures were up 59c, or 1%, at $62.24 a barrel. The price rise came after a report from the US Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the US. “Crude oil prices were stronger after signs emerged that Opec cuts are impacting trade. EIA’s weekly report showed that US imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels a day. This is the second lowest level in weekly data going back to 2010,” ANZ bank said. Saudi Arabia is the de-facto leader of Opec, which together with some non-Opec producers, in...
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