Oil prices rise in international markets

Oil prices rose on

Thursday, with benchmark Brent crude trading at 50.92 dollars  dollars  a barrel after a fall in US

inventories and a bigger-than-expected cut in

Saudi supplies to Asia helped tightened the

market.

Brent was 70 cents higher at 50.92 dollars  a barrel. US light crude oil was up 75 cents at

48.08 dollars.

“We saw the biggest draw in (US) inventories for

the year last week with stockpiles down more

than five million barrels, and it looks like OPEC’s

production cut is finally biting,” said Greg

McKenna, chief market strategist at brokerage

AxiTrader.

The Organisation of the Petroleum Exporting

Countries and other producers including Russia

have agreed to cut output by almost 1.8 million

barrels per day (bpd) during the first half of the

year to try to reduce a global fuel glut.

OPEC meets on May 25 to decide on production

policy for the second half of 2017, and most

analysts expect the group to extend cuts until at

least the end of the year.

NAN/Ime N