US oil holds near seven-week high; OPEC upbeat on output curbs

US oil holds near seven-week high; OPEC upbeat on output curbs

International News

U.S. oil prices held near seven-week highs on Wednesday after OPEC signaled optimism over its deal with other producers including Russia to curb production and clear a glut that has weighed on the market since 2014. The U.S. April crude contract the new front-month future, was up 3 cents at $54.36 a barrel at 0028 GMT. On Tuesday, the March contract expired up 66 cents, or 1.2 percent, at $54.06, after peaking at $54.68, the highest since Jan. 3. Brent crude was yet to trade after ending the previous session at $56.66 a barrel, up 48 cents or 0.9 percent. It earlier reached its highest since Feb. 2 at $57.31. Mohammad Barkindo, OPEC secretary general, told an industry conference in London 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. “All countries involved remain resolute in the determination to achieve a higher level of conformity,” Barkindo said.