31/01/2019 10:26
Oil rises as Saudi Arabia cuts supply to U.S.
Oil prices rose for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation.
U.S. West Texas Intermediate (WTI) crude futures were at $54.63 per barrel at 0445 GMT, up 40 cents, or 0.7 percent, from their last settlement.
International Brent crude oil futures were up 59 cents, or 1 percent, at $62.24 per barrel.
The price rise came after a report from the U.S. Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States.