Saudi Arabia’s vow to slash oil production in June as part of the measures to curb oil surplus at the global market and improve demand lifted the prices of crude early Tuesday.
The decision by the world’s biggest oil exporter to further cut output by one million barrels per day (bpd) caught investors unawares just as Kuwait equally promised to reduce supply by 80,000 barrels.
Brent crude, the benchmark for Nigerian oil grades, inched up by 0.5% or 15 cents to $29.78 at 06:00 West African Time. Earlier, it had reached $30.11 barrel.
America’s West Texas Intermediate climbed up by 1% or 26 cents, trading at $24.40 after hitting an intraday high of $24.77.
The decision by the world’s biggest oil exporter to further cut output by one million barrels per day (bpd) caught investors unawares just as Kuwait equally promised to reduce supply by 80,000 barrels.
Brent crude, the benchmark for Nigerian oil grades, inched up by 0.5% or 15 cents to $29.78 at 06:00 West African Time. Earlier, it had reached $30.11 barrel.
America’s West Texas Intermediate climbed up by 1% or 26 cents, trading at $24.40 after hitting an intraday high of $24.77.