Oil rises on ongoing OPEC-led supply cuts, fall in U.S. rig count vanguardngr.com vanguardnews
U.S. West Texas Intermediate crude oil futures were at 56.39 dollars per barrel at 0323 GMT GMT, up 32 cents, or 0.6 per cent from their last close.Despite the gains, markets were somewhat held back after U.S. employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy.
OPEC+ has pledged to cut 1.2 million barrels per day in crude supply since the start of the year to tighten markets and prop up prices. “We will see what happens by April if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward,” Falih said.
The slowdown in drilling points to more timid output growth going forward, but because the overall drilling level remains relatively high despite the recent decline, many analysts still expect U.S. crude output to rise above 13 million bpd soon.
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