Oil firms as Saudis trim exports, U.S. output forecast reduced

The International Energy Agency

Brent crude futures were at $65.04 per barrel, up 30 cents, or 0.5 per cent.

Saudi Arabia has voluntarily cut its supply by more than the deal requires and in April will keep output well below 10 million barrels per day (bpd), the Saudi official said - less than the 10.311 million bpd that the kingdom had agreed to pump.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.99 per barrel at 0012 GMT, up 20 cents, or 0.4 percent, from their last settlement.

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

Both benchmark crudes have climbed for three straight days and are near four-month highs.

USA crude stocks also fell unexpectedly last week, data from the American Petroleum Institute showed on Tuesday, in a good sign for oil demand as supply from various producers was being curbed.

Crude inventories fell by 3.9 million barrels in the last week, compared with analysts' expectations for an increase of 2.7 million barrels. "It looks very supportive as refiners come out of maintenance".

Rahul Gandhi’s ‘unverified allegations’ against Modi violated code of conduct, says BJP
Sadly, the antithesis of Gandhian thought is the Congress culture", Mr Modi said. "Inside me, I was feeling affection for him". The Congress will fight the elections as part of DMK-led front that includes MDMK, CPI, CPI-M, VCK, IUML, IJK and KDMK.

The EIA revised down its projected 2020 production figure from 13.20 million bpd to 13.03 million bpd.

Exports from Venezuela's main oil terminal have been stranded as its worst blackout on record has left parts of the country without power for roughly a week. Brent touched $67.39 a barrel on Monday, its highest since February 25.

The terminal resumed operations by Wednesday, according to two sources and Refinitiv Eikon data, but shipments have not started up.

India is seeking investment from Saudi Arabia to build emergency crude reserves that will act as a buffer against volatility in oil prices and supply disruptions for the third-largest oil consumer. United States crude shipments are projected to stand at 8.93 million barrels a day in five years - just 0.59 million less that Riyadh, and 0.24 million barrels more than Moscow.

Oil prices have been pushed up this year by supply cuts led by the Middle East-dominated Organization of the Petroleum Exporting Countries.

Despite the gains, commodities markets were somewhat held back after US employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy.

Saudi Energy Minister Khalid al-Falih said on Sunday the production-curbing agreement would likely last until at least June.

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