London — Oil rose to about $67 a barrel on Tuesday, supported by Saudi Arabia’s plan for further voluntary supply curbs in April and by a cut in oil exports from Venezuela due to a power outage. Saudi Arabia, seeking to drain a supply glut and support prices, plans, in April, to keep its oil output well below the level required of it as part of an oil cartel Opec-led supply cutting deal, a Saudi official said on Monday. Brent crude, the global benchmark, rose by 70c to $67.28 a barrel at 9.58am GMT. US West Texas Intermediate (WTI) crude added 5c to $57.36. “This shows Saudi Arabia’s resolve to keep the oil market balanced by keeping oil supply tight,” said Carsten Fritsch, analyst at Commerzbank. “Additional buoyancy has come from news that the massive power outage in Venezuela is also hampering the country’s oil exports.” Crude has rallied this year after Opec and its allies including Russia, a group known as Opec-Plus, returned to supply cuts as of January 1. Saudi Arabia has vol...
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