Oil rises as inventory overhang erodes and Saudi cuts exports

10 Aug 2017   Prices

Oil prices rose on Thursday, lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers. Crude is down nearly 7 percent so far this year, suppressed in large part by concern that OPEC and its partners may not be able to force global oil inventories to drop by cutting production. However, Saudi Arabia said on Tuesday it would cut supplies to most buyers in Asia – the world’s biggest oil-consuming region – by up to 10 percent in September. Brent crude futures were up 29 cents at $52.99 a barrel by 0855 GMT, while U.S. West Texas Intermediate crude was up 17 cents at $49.73. In a sign that investors are turning more optimistic about the pace at which oil […]

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