Oil edged higher as a challenging supply backdrop outweighed Russian caution on output cuts and the International Monetary Fund downgrading its global growth projections.
Futures rose as much as 0.5 percent in New York after dropping 0.7 percent on Tuesday. Fighting on the outskirts of the Libyan capital continued, forcing the United Nations to postpone an international peace conference to reconcile feuding factions. President Vladimir Putin said Tuesday that Russia isn’t ready to say whether it wants to extend the OPEC+ production cuts, but that he doesn’t support an “uncontrollable” increase in oil prices.
West Texas Intermediate for May delivery climbed 9 cents, or 0.1 percent, to $64.07 a barrel on the New York Mercantile Exchange as of 10:10 a.m. in Singapore. Prices settled 42 cents lower at $63.98 on Tuesday.
Brent for June settlement was steady at $70.61 a barrel on the London-based ICE Futures Europe exchange. The contract fell 0.7 percent to finish at $70.61 on Tuesday after closing above $71 in the previous session for the first time since November. The global benchmark crude was at a premium of $6.59 to WTI for the same month.
Source : Bloomberg