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Oil settles higher on global output cuts
Oil prices settled higher yesterday as evidence that OPEC oil producers fulfilled their pledge to hold back production in January helped prices to recoup some of their recent losses.
However, lingering concerns that rising output in the US could threaten efforts to balance the crude market weighed on investors’ psyches, capping gains ahead of weekly data on US petroleum supplies.
March West Texas Intermediate crude settled at US$53.20 a barrel, up 27 cents, or 0.5 per cent in New York, after posting a loss of 1.7 per cent Monday. April Brent crude rose 38 cents, or 0.7 per cent, to US$55.97 a barrel.
Traders are looking ahead to petroleum inventory figures, with the US government expected to report a sixth weekly climb for crude inventories in a row. (Market Watch)
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