Oil edges higher on cuts to #Saudi exports | Reuters

Oil edges higher on cuts to Saudi exports | Reuters:

Oil prices edged higher on Tuesday, supported by signs of tightening global supply after a Saudi official said the kingdom plans to cut oil exports in April, while the U.S. government reduced its forecast for domestic crude output growth.

Saudi Arabia, seeking to drain a supply glut and support prices, plans to cut its crude oil exports next month to below 7 million barrels per day (bpd), while keeping its output well below 10 million bpd, a Saudi official said on Monday.

Brent crude futures rose 9 cents, or 0.1 percent, to settle at $66.67 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.1 percent, to settle at $56.87 a barrel.