Oil advances as Opec set to continue supply cuts

SINGAPORE: Oil prices rose on Wednesday after a report of declining US crude inventories and as producer club Opec seemed to stick to its supply cuts despite pressure from US President Donald Trump. US West Texas Intermediate (WTI) crude oil futures were at $55.89 per barrel at 0755 GMT, up 39 cents, or 0.7 per cent, from their last settlement.
International Brent crude futures were at $65.48 per barrel, up 27 cents, or 0.4 per cent from their last close.
US crude oil inventories fell by 4.2 million barrels in the week to February 22, to 444.3 million barrels, the American Petroleum Institute (API) estimated in a weekly report on Tuesday.
Official data will be released by the US Energy Information Administration (EIA) after 1800 GMT on Wednesday.
Oil markets have generally received support this year from supply curbs by the Organization of the Petroleum Exporting Countries (Opec), which together with some non-affiliated producers like Russia, known as Opec+, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prop up prices. — Reuters