Crude Oil Hits $56 as Russia Joins OPEC Cuts

Crude oil price yesterday rose to around $56 per barrel, supported by signs that Russia and the Organisation of the Petroleum Exporting Countries (OPEC) are delivering on promised supply reductions, although a report showing a large rise in United States crude inventories curbed the price gains.

Russia has cut production in January by around 100,000 barrels per day (bpd), according to data provided to Reuters yesterday.
A day earlier, a Reuters survey found high compliance by OPEC with agreed cuts.
International benchmark, Brent crude was up 50 cents at $56.08 a barrel, having risen as high as $56.24, while US crude rose 41 cents to $53.22.

However, the producer efforts were countered by signs of a persistent supply glut in the United States. US crude inventories rose by 5.8 million barrels, industry group the American Petroleum Institute said on Tuesday, more than analysts forecast. Following from last Tuesday’s API report the US government’s official inventory figures are due later on Wednesday.

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