Oil edges higher as Opec sticks to supply cuts
Despite pressure from US President Donald Trump, the producer cartel remains unmoved
Singapore — Oil prices rose on Wednesday after a report of declining crude inventories in the US and as producer cartel Opec seemed to stick to its supply cuts, despite pressure from US President Donald Trump. US West Texas Intermediate (WTI) crude oil futures were at $56.02 a barrel at 1am GMT, up 52c, or 0.9%, from their last settlement. International Brent crude futures were at $65.55 a barrel, up 34c, or 0.5% from their last close. US crude oil inventories fell by 4.2-million barrels in the week to February 22, to 444.3-million barrels, the American Petroleum Institute (API) estimated in a weekly report on Tuesday. Official data will be released by the US Energy Information Administration (EIA) after 6pm GMT. Oil markets have generally received support in 2019 from supply curbs by Opec, which together with some non-affiliated producers like Russia, known as Opec-plus, agreed late in 2018 to cut output by 1.2-million barrels a day to prop up prices. And the group has indicated it...
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