U.S. and European crude futures continued to edge higher on Opec production cuts and a supply disruption in venezuela, but analysts expect U.S. crude inventories to continue to rise, limiting gains.U.S. and European crude futures rose further in after-hours electronic trading after data from the American petroleum institute showed a surprise drop in U.S. crude inventories last week.
On Tuesday (March 12), nymex west Texas intermediate (wti) light oil futures for April 2019 settled at $56.87 a barrel, up 08 cents, or 0.1 percent, from the previous session, in a range of $56.74 to $57.55.Ice May 2019 brent settled at $66.67 a barrel, up 9 cents, or 0.1 percent, from the previous session, in a range of $66.34 to $67.39.
New York, March 12 (bloomberg) -- oil prices edged higher on Tuesday, supported by signs of tightening global supply.Saudi officials had said the kingdom planned to cut oil exports in April, while the us government cut its forecast for domestic crude production growth.
Saudi officials said Monday that the kingdom plans to cut crude production to well below 10 million barrels a day next month, while cutting exports to less than 7 million barrels a day.
Both are up about 25% since the start of the year.
Since OPEC and its Allies, including Russia, resumed production cuts on jan.The group, known as OPEC+, agreed to cut production by 1.2 million barrels a day over the next six months.
Saudi officials said Riyadh had exceeded the agreement's voluntary cut and would keep production "well below" 10 million BPD in April, below the 10.311 million BPD it had agreed to.
On Sunday, Saudi energy minister saud al-falih said it was too early to change production cuts at an OPEC meeting in April.
The energy information administration (EIA) said it expects U.S. crude oil production to grow less than previously expected in 2019, averaging about 12.3 million barrels a day.
The EIA cut its forecast for global oil demand growth in 2019 by 40,000 BPD to 1.45 million BPD