Crude Oil Prices Remain Supported as Optimism Dominates
Crude oil prices continued to hover near mutli-week highs on Tuesday, as optimism dominated amid news Saudi Arabia plans to continue cutting output levels.
The U.S. West Texas Intermediate crude April contract was down 14 cents or about 0.22% at $63.77 a barrel by 03:30 a.m. ET (07:30 GMT), just off Monday’s more three-week highs of $64.22.
Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London was down 15 cents or about 0.22% at $67.14 a barrel, after hitting a more than two-week peak of $67.65 in the previous session.
Oil prices strengthened after Saudi oil minister Khalid al-Falih said over the weekend that the country’s oil production in January-March would be well below output caps, with exports averaging below 7 million barrels per day (bpd).
Falih added that he hopes global oil producers will be able to create a permanent framework to stabilize oil markets after the current supply cut deal ends this year.
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