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Bloomberg
Oil climbed in New York as Saudi Arabia signaled that Opec and its allies will keep going with production cuts.
West Texas Intermediate futures advanced as much as 2.1 percent. Opec’s most powerful member is inclined to extend the supply cuts into the second half of the year, Saudi Energy Minister Khalid Al-Falih said in Riyadh. US stockpiles fell by 4.2 million barrels last week, the American Petroleum Institute was said to report, compared with a forecast for a 3 million barrel increase in a Bloomberg survey.
Crude has rallied about 24 percent this year as Saudi Arabia led an effort by the Organization of the Petroleum Exporting Countries and its allies to cut production. Venezuela’s worsening political crisis and signs the US and China are getting close to a trade deal have also supported prices.
West Texas Intermediate for April delivery was $1.03 higher at $56.53 a barrel on the New York Mercantile Exchange.