Oil Rises on Tighter Venezuela, Saudi Supplies
Tuesday, 12 March 2019 18:01 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil rose to the highest in more than a week after Saudi Arabia was said to plan extending deep supply curbs and a nationwide blackout sparked a production collapse in Venezuela.

Futures climbed as much as 1.2 percent in New York to the highest since March 1. A Saudi official said the world™s top crude exporter plans to pump well below10 million barrels a day in April, stretching deeper-than-agreed cuts into a second month. Meanwhile, fellow OPEC member Venezuela™s output has slumped as electrical problems were making it difficult to operate wells, according to a senior official at the country™s oil ministry.

West Texas Intermediate for April delivery rose as much as 67 cents to $57.46 a barrel on the New York Mercantile Exchange, and traded for $57.35 as of 10:42 a.m. London time.

Brent for May settlement added 69 cents to $67.27 a barrel on the London-based ICE Futures Europe exchange. The contract climbed 84 cents to $66.58 on Monday. The global benchmark crude traded at a $9.57 premium to WTI for the same month.

Source : Bloomberg

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