WTI Crude
58.69
Brent Crude
64.03
Natural Gas
3.08

Oil rises towards $58 on Saudi comments, forecast of U.S. stocks drop

Written by Alex Lawler at Reuters

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LONDON (Reuters) – Brent oil rose towards $58 a barrel on Tuesday after top exporter Saudi Arabia said it was determined to end a supply glut, while prices also drew support from forecasts of a further drop in U.S. crude inventories.

The Saudi energy minister said the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends.

The oil market has been concerned that, once the supply deal expires, producers will ramp up shipments again and cause prices to fall.

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Written by Alex Lawler at Reuters

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