An employee works on at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico. Picture: REUTERS
An employee works on at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico. Picture: REUTERS

Sydney — Oil prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for US crude output.

International Brent crude oil futures were at $66.93 a barrel at 12.39am GMT, up 26c, or 0.4%, from their last close. Brent touched $67.39 a barrel on Monday, its highest since February 25.

US West Texas Intermediate (WTI) crude futures were at $57.17 a barrel, up 30c, or 0.5%, from their last settlement.

US crude oil production is expected to grow slower than previously expected in 2019 and average about 12.30-million barrels a day the US Energy Information Administration (EIA) said on Tuesday.

Saudi Arabia plans to cut its crude oil exports in April to less than 7-million barrels a day, while keeping its output well below 10-million barrels a day, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support oil prices.

On Sunday, Saudi oil minister Khalid al-Falih said it would be too early to change Opec-plus output policy at the group’s meeting in April.

Reuters