London — Brent oil prices rose on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, while US futures gained on a decline in domestic oil inventories. Brent crude futures rose 88c to $63.30 a barrel by 9.50am GMT, while US crude oil futures gained 66c to trade at $53.76 a barrel. “The feel-good factor is back in play but oil bulls are by no means out of the woods yet,” PVM Oil Associates Stephen Brennock said. “It is a well-known fact that the world economy is losing momentum amid a plethora of downside risks including lingering US-China trade tensions and geopolitical uncertainty.” Oil cartel Opec said on Tuesday that it had cut its output by almost 800,000 barrels per day (bpd) in January to 30.81-million bpd. Most of that reduction has been thanks to Saudi Arabia. On Tuesday, Saudi energy minister Khalid al-Falih told the Financial Times that production would fall below 10-million bpd in March, more than 500...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now