Brent oil
prices are set to rise for 5 out of 7 sessions, as a global supply glut appears
to ease out, but increasing U.S. production has limited the gains.
Brent crude was at $56.01 per barrel, up by 0.04%; while U.S. West Texas Intermediate remained unchanged at 53.33 per barrel.
The market has been supported by tight $4 to $5 range since November, ever since Organization of Petroleum Exporting Countries (OPEC) & other oil producing countries have decided to cut production.
According to EIA data, physical stocks of oil rose 5,64,000 barrels to 518.7 million last week.
Saudi Arabia has offered to reduce oil production, if Iran caps its own output this year, as Riyadh tries to make a deal with OPEC to decrease supply and push prices up.
Brent crude was at $56.01 per barrel, up by 0.04%; while U.S. West Texas Intermediate remained unchanged at 53.33 per barrel.
The market has been supported by tight $4 to $5 range since November, ever since Organization of Petroleum Exporting Countries (OPEC) & other oil producing countries have decided to cut production.
According to EIA data, physical stocks of oil rose 5,64,000 barrels to 518.7 million last week.
Saudi Arabia has offered to reduce oil production, if Iran caps its own output this year, as Riyadh tries to make a deal with OPEC to decrease supply and push prices up.
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