Oil prices edge up on market caution over OPEC cuts
Oil prices are edging up in Asia on Monday after the Organization of the Petroleum Exporting Countries said it was near its target of cutting 1.8 million barrels of crude oil a day, two months after committing to the deal.
Early in Asia, benchmark U.S. West Texas Intermediate crude oil futures were 0.1 percent higher at $53.27 a barrel while international benchmark Brent crude oil futures were also up 0.1 percent at $55.53 a barrel, reflecting caution even after the OPEC statement.
Vanda Insights founder Vandana Hari told CNBC’s The Rundown said it was still early days at just a fortnight after the implementation of the cuts. A better gauge of their impact would be the full production and export data for January.
Written by Huileng Tan for CSNBC.com