Oil rises as Opec ignores Trump and curbs supply
Analysts say the market is well supplied despite the cuts by Opec and other producers, and the price is supported by a surprise drop in US stock
London — Oil rose for a second day on Wednesday, buoyed by an unexpected decline in US crude inventories and after Saudi Arabia appeared undaunted by pressure from US President Donald Trump on oil cartel Opec to prevent steeper price rises. Saudi energy minister Khalid al-Falih said Opec and its partners were “taking it easy” in response to a tweet from Trump on Monday that called on the group to slacken its restrictions on crude production. “We are taking it easy. The 25 countries are taking a very slow and measured approach. Just as the second half of last year proved, we are interested in market stability first and foremost,” Falih said in Riyadh when asked to comment on Trump’s tweet, CNBC reported. The oil price has risen by almost a quarter so far this year, after Opec, together with other producers such as Russia and Oman, agreed to cut output to avoid the build-up of a global surplus, particularly as US output has boomed. Brent crude futures were up 67c on the day at $65.88 ...
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