Oil futures edged up on Thursday as a drop in crude exports from OPEC's de facto leader, Saudi Arabia, and a draw in US drilling rigs and oil inventories supported prices.[NEW YORK] Oil futures edged up on Thursday as a drop in crude exports from OPEC's de facto leader, Saudi Arabia, and a draw in US drilling rigs and oil inventories supported prices.
US West Texas Intermediate crude futures settled at US$64.00 a barrel, up 24 cents. US futures gained just under 0.2 per cent for the week, its seventh weekly gain in a row. US energy companies this week cut the number of oil drilling rigs for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.
Oil has been driven up this year by an agreement reached by the Organization of the Petroleum Exporting Countries and its allies, including Russia, to limit their oil output by 1.2 million bpd.Iran's crude exports have fallen in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a reduction in buyer interest ahead of expected further pressure from Washington.
Source: News Formal (newsformal.com)
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