SINGAPORE (Reuters) – Oil edged up on Wednesday, lifted by reports of Saudi supply cuts to Asia, but gains were capped by a lack of detail about the reductions and because of signs of rising supplies from other producers.
Prices for Brent futures, the international benchmark for oil prices, were trading at $53.71 per barrel at 0632 GMT, up 7 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $50.94 a barrel, up 12 cents.
Traders said the rise in prices was a result of mounting reports that Saudi Arabia, the world’s top oil exporter, was cutting crude supplies slightly from contracted volumes in February, including to India and Malaysia.
Source: Investing.com (11 Jan 2017)