Oil edged higher on Thursday, lifted by a reported drop in US crude inventories
Opec agreed last month to restrain output to boost prices
New York — Oil edged higher on Thursday, lifted by a reported drop in US crude inventories stored at the Cushing, Oklahoma, delivery hub, and as commitments from Gulf Opec members assuaged lingering doubts in the market about cooperation from other producers. Energy ministers from Saudi Arabia and Gulf allies told their Russian counterpart this week they are willing to reduce their peak oil output by up to 4%, sources familiar with the matter said. Brent crude was up 65 cents at $50.66 a barrel as of 3.06pm GMT. US crude gained 64 cents to $49.82. Opec agreed last month to restrain output to boost prices, which have been slumping at less than half their mid-2014 levels due to a persistent supply glut. Iraq on Sunday called for an exemption, adding to the list of members seeking special treatment. The expectation was that Libya, Nigeria and Iran should be exempt as their output had been hit by wars and sanctions, Opec sources said. While doubts linger about Opec’s ability to implemen...
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