Crude oil production cuts may prolong the 18-day rise in international oil price

Crude oil production cuts may prolong the 18-day rise in international oil prices

International oil prices rose on the 18th. Prospects for a possible extension of OPEC-led production cuts and signs of a decline in U.S. crude oil inventories. At the close of the day, the price of light crude oil futures for April delivery on the New York Mercantile Exchange rose by $0.57 to $59.09 a barrel, or 0.97%. London Brent crude oil futures for May delivery rose $0.38, or 0.57%, to $67.54 a barrel.

OPEC and its allies'supervisory committee met in Azerbaijani to assess the implementation of the agreement. The Commission said it would exceed its commitment to cut production in the coming months.

Saudi Energy Minister Falkh said, "As long as inventory levels are rising and far below normal levels, we will stick to it and guide the market towards balance." Market participants in said that signs of a decline in Kuxin crude oil inventories in Oklahoma also supported oil prices.

Traders quoted Genscape, a market intelligence company, as saying that Kuxin, the U.S. crude oil delivery site, had lost 1.08 million barrels of inventory as of Friday.