Crude oil prices were higher Tuesday as OPEC officials continued to signal their determination to re-balance oil markets via supply cuts.
Speaking at the World Economic Forum in Davos, Saudi oil minister Khalid al-Falih told CNBC: “I’m still anxious about the fragility of the market (and) about the potential black swans that may spring in front of us. By and large, we are on our way but we are not there yet”
Earlier this week, al-Falih hinted a more long-lasting arrangement with Russia to curb supplies. “We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation,” al-Falih said.
After the bell today, the American Petroleum Institute releases its weekly U.S. inventories data.
Inventories have been dwindling for the past two months, with the decline accelerating in recent weeks.
Feb. WTI oil climbed 90 cents, or 1.4%, to settle at $64.47/bbl, the highest since December 2014.
The material has been provided by InstaForex Company – www.instaforex.com
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