Oil edges higher on output cut compliance signs

Oil edges higher on output cut compliance signs
Wednesday, January 11, 2017 - 13:49

Investing.com - Oil edged higher Wednesday on signs of compliance with agreed output cuts.
Brent crude added 28 cents, or 0.52%, to $53.92 at 08:15 ET. U.S. crude gained 20 cents, or 0.39%, to $51.02.
There were reports Saudi Arabia is moving to fulfil its commitment to cutting output.
OPEC and non-OPEC producers have agreed to cut output by about 1.8 million barrels a day.
However, scepticism remains about the extent to which the agreed cuts can reduce a global supply glut.
The Energy Information Administration (EIA) Tuesday forecast U.S. crude output to increase by 110,000 barrels a day this year.
American Petroleum Institute industry data Tuesday showed a bigger-than-expected build-up in U.S. crude inventories.
The EIA is expected later Wednesday to report an increase in U.S. crude stocks of 1.16 million barrels.
The dollar index was higher. A stronger dollar weakens demand for oil.


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