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Oil holds near 2019 highs ahead of official U.S. weekly data

The Address | Benghazi – Libya

NEW YORK – Oil prices held close to four-month highs on Tuesday on expectations that OPEC would continue production cuts through the end of the year and ahead of official weekly U.S. crude inventory data.

Brent crude oil futures settled 7 cents higher at $67.61 a barrel, the global benchmark’s highest settlement since November 2018.

U.S. West Texas Intermediate (WTI) futures touched its highest since November at $59.57 a barrel but finished at $59.03 a barrel, falling 6 cents.

Prices inched up in post-settlement trade after data from the American Petroleum Institute (API), an industry group, showed a surprise draw-down on crude inventories.

Crude stocks fell by 2.1 million barrels in the week to March 15, to 446.8 million, compared with analysts’ expectations for an increase of 309,000 barrels, the data showed. [API/S]

Official Energy Information Administration (EIA) figures are expected on Wednesday. [EIA/S]

Oil prices have rallied more than 20 percent since the Organization of the Petroleum Exporting Countries and its allies began to curb supplies at the start of the year.

Reuters

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