Friday , May 24 2019

Oil rises on Opec output curbs, US supply drop


Crude rose for a third day after an industry report showed an unexpected drop in US stockpiles at a time when the world’s top producers are said to be looking at a plan to extend their output curbs.
Futures in New York added as much as 0.7 percent, rising above $57 a barrel. US crude inventories declined 2.58 million barrels last week, the American Petroleum Institute was said to report.
Opec and its allies are discussing Saudi Arabia’s proposal to extend the deal on production cuts through the second half of the year, Interfax news service reported.
Oil has rallied more than 25 percent this year as the Organization of Petroleum Exporting Countries and its partners continue to show their commitment to restrain production even in the face of criticism by President Donald Trump.
Adding to market’s bullish tone, the US government lo-wered its output forecast for the first time in six months on the back of slowing American drilling activity.

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