US West Texas Intermediate (WTI) crude futures were at $54.58 per barrel at 0249 GMT, up 35 cents, or 0.7 percent, from their last settlement. International Brent crude oil futures were up 52 cents, or 0.8 percent, at $62.17 per barrel. The price rise came after a report from the US Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States. “Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade. This shows in high US commercial crude oil stockpiles, which rose by 919,000 barrels in the week to Jan. 25, to 445.94 million barrels, EIA data showed.

Source: bd News24 January 31, 2019 03:00 UTC