Oil prices held
near multi-week highs on Wednesday after OPEC signaled optimism over its
deal with other producers to curb output to clear a glut that has
weighed on markets since 2014.
The
U.S. West Texas Intermediate April crude contract CLc1, the new
front-month future, was up 16 cents, or 0.3 percent, at $54.49 a barrel
at 0552 GMT (12:52 a.m. ET). On Tuesday, the March contract expired up
1.2 percent after reaching its highest since Jan. 3.
Brent crude LCOc1 was up 23 cents, or 0.4 percent, at $56.89, having touched its highest since Feb. 2 at $57.31 in the previous session.
The data is set to be released on Thursday, a day later than normal, following a U.S. public holiday on Monday.
Last week's numbers showed U.S. output helped boost crude and gasoline inventories to record highs, amid faltering demand growth for the motor fuel.
That has kept a lid on prices after they climbed following an agreement by the Organization of the Petroleum Exporting Countries and other producers to cut output by about 1.8 million barrels per day (bpd).
Mohammad Barkindo, OPEC secretary general, told an industry conference in London on Tuesday that January data showed conformity from member countries participating in the output cut had been above 90 percent. Oil inventories would decline further this year, he added.
Goldman Sachs, however, noted that a rebound in U.S. drilling activity had exceeded even its own above-consensus expectations.
Brent crude LCOc1 was up 23 cents, or 0.4 percent, at $56.89, having touched its highest since Feb. 2 at $57.31 in the previous session.
The data is set to be released on Thursday, a day later than normal, following a U.S. public holiday on Monday.
Last week's numbers showed U.S. output helped boost crude and gasoline inventories to record highs, amid faltering demand growth for the motor fuel.
That has kept a lid on prices after they climbed following an agreement by the Organization of the Petroleum Exporting Countries and other producers to cut output by about 1.8 million barrels per day (bpd).
Mohammad Barkindo, OPEC secretary general, told an industry conference in London on Tuesday that January data showed conformity from member countries participating in the output cut had been above 90 percent. Oil inventories would decline further this year, he added.
Goldman Sachs, however, noted that a rebound in U.S. drilling activity had exceeded even its own above-consensus expectations.
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