Oil climbs more than two percent as tight supplies in focus | Reuters

Oil climbs more than two percent as tight supplies in focus | Reuters:

"Oil prices climbed on Wednesday, supported by tight supplies, forecasts of a drawdown in U.S. crude inventories, and a weaker dollar.

Brent LCOc1 rose $1.98, or 2.6 percent, to $77.37 a barrel by 11:52 a.m. EDT (1552 GMT). U.S. crude CLc1 gained $1.62, or 2.4 percent, to $68.35.

Oil has been pressured by reports that the Organization of the Petroleum Exporting Countries (OPEC) and Russia may ease up on output cuts that have been in place since January 2017. The supply reductions have driven down global inventories and boosted prices, with global benchmark Brent crude reaching a 3-1/2-year high of $80.50 a barrel on May 17."



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