U.S. oil prices hit 3-mth high amid OPEC-led output cuts
19/02/2019 at 00:57
SYDNEY, Feb 19 (Reuters) - U.S. oil prices hit a three-month high
on Tuesday, buoyed by production cuts led by the Organization of the
Petroleum Exporting Countries.
U.S. West Texas Intermediate (WTI) crude futures were at $55.95
per barrel at 0034 GMT, up 36 cents, or 0.7 percent, from their last
settlement. Earlier in the session, they marked their strongest since
Nov. 20 at $56.33 a barrel.
Prices had risen 2.2 percent on Friday, the last trading session
due to a U.S. public holiday on Monday.
International Brent crude oil futures had yet to trade. They
closed Monday up 0.4 percent, after touching their highest since Nov.
20 at $66.83 a barrel.
"OPEC and other major producers have done their part to
stabilise prices by limiting output," said Alfonso Esparza,
senior market analyst, OANDA.
"Disruptions in crude supply have also taken prices higher
despite the United States ramping up production levels and softer
Saudi Arabia's crude oil exports in Dec fell to 7.690 million
barrels per day (bpd) from 8.235 million bpd in Nov, official data
showed on Monday.
U.S. energy companies last week increased the number of oil rigs
looking for new supply by three to a total of 857, energy services
firm Baker Hughes said in a report on Friday.
(Reporting by Colin Packham; Editing by Joseph Radford)
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