Opec-led supply cuts support prices as Saudi Arabia plans to deepen oil curbs in April, as US crude inventories are expected to rise
London — Oil rose to about $67 a barrel on Tuesday, supported by Saudi Arabia’s plan for further voluntary supply curbs in April and by a cut in oil exports from Venezuela due to a power outage.
“This shows Saudi Arabia’s resolve to keep the oil market balanced by keeping oil supply tight,” said Carsten Fritsch, analyst at Commerzbank. “Additional buoyancy has come from news that the massive power outage in Venezuela is also hampering the country’s oil exports.” “We see a tightening underlying physical crude balance as a key pillar of support for outright prices at this point in the year,” said analysts at JBC Energy in a report.
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