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Wednesday, 11 January 2017

Oil rises ahead of U.S. stock data as Saudi trims Asian exports | Reuters

Oil rises ahead of U.S. stock data as Saudi trims Asian exports | Reuters:

"Oil prices rose for the first time in three days on Wednesday ahead of the U.S. weekly inventory data, following news of Saudi supply cuts to Asia.

But, traders said persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check.

"We expect some bullish OPEC rhetoric to ramp up in an attempt to neutralize the bearish vibes that have emanated from the recent production increases indicated out of Libya, Iran, Iraq and Nigeria," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note."



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