Oil production cuts may be prolonged, so international oil prices rose on the 18th. Prospects for a possible extension of OPEC-led production cuts and signs of a decline in U.S. crude oil inventories.
By the end of the day, the price of light crude oil futures for April delivery on the New York Mercantile Exchange had risen by $0.57, or 0.97%, to $59.09 a barrel. London Brent crude oil futures for May delivery rose $0.38, or 0.57%, to $67.54 a barrel.
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The OPEC and its allies’supervisory committee met in Azerbaijani to assess the implementation of the agreement. The Commission said it would exceed its commitment to cut production in the coming months.
“As long as inventory levels are rising and far below normal levels, we will stick to them and guide the market towards equilibrium,” said Saudi Energy Minister Farih.
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Marketers said that signs of falling inventories of crude oil in Cushing, Oklahoma, also supported oil prices.
Traders quoted data from Genscape, a market intelligence firm, as saying that Kuxin, the U.S. crude oil delivery company, had lost 1.08 million barrels of inventory as of Friday. Rising oil prices
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