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Oil rises on Saudi pledge to make real supply cuts to Asia, US

Saudi Arabia, the world's top oil exporter, to cut production by 1.8 million barrels per day

Reuters  |  Singapore 

Oil prices edged up on Tuesday, lifted by statements that Saudi Arabia was making significant supply cuts, although rising US output meant that markets remain well supplied. Brent crude futures were at $48.51 per barrel at 0649 GMT, up 22 cents, or 0.5 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at $46.28 per barrel, up 20 cents, or 0.4 percent. Saudi Arabia, the world's top oil exporter, is leading an effort by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by almost 1.8 million barrels per day (bpd) ...

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First Published: Tue, June 13 2017. 13:13 IST
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